The State Oil Company of the Azerbaijan Republic (SOCAR) and U.S. ExxonMobil Corporation signed a deal agreeing to explore onshore oil and gas production in Azerbaijan.
Azerbaijan is aiming to maintain its oil output at around 582,000 barrels per day over the next five years, Reuters reported.
"In the years to come, we'll be able to talk about the potential size of the resource and what the economics might look like," Exxon vice president of global exploration John Ardill said.
Vice president for geology at SOCAR Arzu Javadova said the agreement was focused on assessing options for the project and the companies were not planning to drill exploration wells at this stage.
