Turkish Petroleum Corporation Acquired 30% Stake in Azerbaijan Natural Gas Field

SEATTLE (Oil Monster): The state-controlled Turkish Petroleum Corporation (TPAO) has acquired 30% stake in a natural gas field off the coast of Azerbaijan. The other partners in the Shafag-Asiman offshore block are the State Oil Company of the Republic of Azerbaijan (Socar) and British energy major BP. The financial details of the transaction were not disclosed.

According to Turkish energy and natural resources minister Alparslan Bayraktar, the gas field is estimated to hold reserves of nearly 500 billion cubic metres of natural gas and 65 million tonnes of condensate. The first exploration drill was drilled in 2020.

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The Minister noted that TPAO has been growing its presence in Azerbaijan over the recent past. Additionally, the country’s government is engaged in discussions on collaborations in additional fields, with the aim of expanding its activities in the Caspian Sea.

Commenting on future expansion plans, the minister noted that the country currently producing 9.5 million cubic metres of gas per day from the Sakarya gas field. This is expected to double next year and reach 40 million cubic metres daily by 2028. Additionally, Turkey aims to develop renewable energy projects in Nakhchivan. The energy produced will be transported to Turkey and then to European countries.