Two SOCAR employees died during repair work at an offshore oil field

On October17, President of Azerbaijan Ilham Aliyev signed a decree to abolish the State Contract Corporation - JSC "Azercontract" and to regulate the ensuing matters. According to the decree, the powers of the State Contract Corporation JSC "Azеrcontract" in the area of purchasing natural gas from producers in the domestic market of the Republic of Azerbaijan, organizing its transportation, distribution within the country, and selling to consumers will be transferred to the State Oil Company of the Azerbaijan Republic (SOCAR).

GL Group, the first private oil and gas extraction company in Azerbaijan, announced today its entry into the natural gas production market in Türkiye. According to the company's announcement, GL Group acquired a 25% stake in the Canadian company Gazelle Energy Limited, which is the 100% owner and operator of the F17-b4 license block in the Thrace Basin in northwestern Türkiye.

The State Oil Company of Azerbaijan (SOCAR) held discussions with the American company Chevron regarding decarbonization, production, and transportation. According to SOCAR's press service, the meeting took place on October 16 between the company's president Rovshan Najaf and the managing director of Chevron's Eurasian business unit, Derek Magness. During the meeting, the parties also exchanged views on strengthening mutually beneficial cooperation between the companies.

Ukraine has proposed Azerbaijan, the gas exporter, and Slovakia, the buyer, a new scheme for the supply of Russian gas to Europe through its territory, "RBK Ukraine" reported citing sources. According to the publication, a variant is currently being discussed where gas would be stored in Ukrainian underground storage facilities with subsequent delivery to Slovakia or other countries. As a result, such deliveries would be considered re-export rather than transit.