Italian energy giant Eni has entered into an MOU with SOCAR, Azerbaijan’s state-owned oil and gas company, to explore collaboration on energy projects and transition initiatives. 

Eni CEO Claudio Descalzi and SOCAR CEO Rovshan Najaf signed the MOU in the presence of Mikayil Jabbarov, the Minister of Economy of the Republic of Azerbaijan. 

As per the agreement, Eni and SOCAR will explore potential synergies and investment opportunities in both new and ongoing exploration and production projects within Azerbaijan and in countries where Eni operates. 

They will also examine potential areas for cooperation in both national and international gas transport infrastructure.  

Additionally, the companies will evaluate projects and technologies aimed at reducing greenhouse gas emissions.  

They will also explore initiatives to promote sustainable development and foster a culture of sustainability within the energy sector. 

Furthermore, the MOU includes plans for activities related to the UN Climate Change Conference COP29 in Azerbaijan in November 2024.  

In a statement, Eni said: “This MOU is in line with Eni’s decarbonisation strategy to reach carbon neutrality by 2050 while contributing to energy security and competitiveness of energy supply in Europe.” 

In December 2023, Abu Dhabi National Oil Company (ADNOC) established a collaboration with SOCAR to advance low-carbon energy technologies. 

Through this partnership, ADNOC and SOCAR will collaborate on developing blue hydrogen, geothermal energy, and carbon management technologies.  

This initiative aims to support the United Arab Emirates, Azerbaijan and other regions in reaching their net-zero targets and accelerating the decarbonisation of energy systems. 

Last month, ADNOC agreed to transfer a 3% stake in the Satah Al Razboot and Umm Lulu concessions to SOCAR.