Latest news with #BakuEnergyWeek
Yahoo
3 days ago
- Business
- Yahoo
BP expands oil and gas interests in Azerbaijan with new deals
BP and its partners have sanctioned a new phase of development for the Shah Deniz gas field and gained access to two new exploration blocks in Azerbaijan. The agreements, which also include terminal electrification and solar power projects, signal bp's commitment to growth and emissions reduction in the region. During Baku Energy Week, bp, in collaboration with its partners, finalised investment decisions for the Shah Deniz Compression project, which is set to enhance the production capabilities of the giant Shah Deniz gas field. BP EVP for production & operations Gordon Birrell said: 'We are deeply proud of the long and successful partnership that bp has built with Azerbaijan over more than 30 years. As can be seen by the agreements we signed this week, we continue to see many opportunities for further development and growth. As we deliver our strategy of growing our upstream, we will build on our strong positions in regions like Azerbaijan, and on the deep relationships we have with the government and our partners.' Additionally, bp has committed to two sustainability-focused projects aimed at reducing operational emissions through terminal electrification and solar power initiatives. The agreements also allow bp to explore and potentially develop two new licences in the Caspian Sea, further cementing its presence in Azerbaijan. BP has also introduced a new partner to expedite exploration activities on a third licence. For more than three decades, the energy giant has played a pivotal role in Azerbaijan's oil and gas sector. The company led the development and operation of key projects including the Azeri-Chirag-Deepwater Gunashli oilfield, the Shah Deniz gas field and the Sangachal terminal. BP's involvement extends to the Baku-Tblisi-Ceyhan oil pipeline and the Southern Gas Corridor gas pipeline network. The Shah Deniz Compression project is one of eight to ten major projects bp expects to begin between 2028 and 2030. The project is set to contribute to an increase in bp's global upstream production to 2.3–2.5 million barrels of oil equivalent per day (mboe/d) by 2030, with potential for further growth until 2035, all within bp's financial framework. In addition to project approvals, the company has finalised an agreement with SOCAR, acquiring a 35% working interest and operatorship in two blocks in the Caspian Sea, the Karabagh oilfield and the Ashrafi-Dan Ulduzu-Aypara area, with SOCAR holding the remaining 65%. The partnership has also greenlighted the Shafag solar and Sangachal terminal electrification projects, linking sustainable energy development with operational advancements. SOCAR has also inked fresh deals with ExxonMobil and bp for hydrocarbon exploration in Azerbaijan, aiming to maintain the nation's oil production at around 582,000 barrels per day for the next five years. "BP expands oil and gas interests in Azerbaijan with new deals" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
6 days ago
- Business
- Business Recorder
Pakistan committed to sustainable energy future: minister
ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik delivered a keynote address at the Ministerial Plenary session titled, 'Global Cooperation for a Resilient and Sustainable Energy Future' as part of the prestigious Baku Energy Week, emphasising Pakistan's commitment to a sustainable and resilient energy future. The event marked the 30th anniversary of the Baku Energy Forum, where Minister Malik congratulated Parviz Shahbazov, the energy minister of Azerbaijan and reiterated Pakistan's support for this effort and pledged to cooperate with this forum in every way in enabling this transition from a fossil fuel driven environment to more balanced fuel basket. Malik outlined Pakistan's strategic shift under the leadership of Prime Minister Shehbaz Sharif towards a balanced, inclusive, and sustainable energy paradigm. He highlighted that Pakistan fully understands that as we manage transition towards industrialisation, our demand will go up that needs to be complimented with the induction of renewable energy and renewable technologies into our energy landscape. Another important aspect is coherence in terms of policy evolution. For this purpose, the Cabinet Committee on Energy, chaired by the prime minister is being revived to ensure coordination between the Petroleum and Power Divisions, he said. He said that we are expanding our gas infrastructure by encouraging local exploration. We are grateful to the government of Azerbaijan and our friendly countries who are assisting us and helping us in the indigenisation of the gas resources. A lot of strategy initiatives are being taken on conservation part. Despite economic challenges, Pakistan is committed to making the gas sector sustainable by dismantling inefficiencies and implementing reforms. We are working to build a sustainable energy sector. Reform is the cornerstone of the prime minister's vision for a resilient energy future Energy Minister of Azerbaijan Shahbazov, Turkish Deputy Minister of Energy, and Director of Energy at European Commission Cristina were among the participants of the plenary session. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
Country committed to sustainable energy future: minister
ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik delivered a keynote address at the Ministerial Plenary session titled, 'Global Cooperation for a Resilient and Sustainable Energy Future' as part of the prestigious Baku Energy Week, emphasising Pakistan's commitment to a sustainable and resilient energy future. The event marked the 30th anniversary of the Baku Energy Forum, where Minister Malik congratulated Parviz Shahbazov, the energy minister of Azerbaijan and reiterated Pakistan's support for this effort and pledged to cooperate with this forum in every way in enabling this transition from a fossil fuel driven environment to more balanced fuel basket. Malik outlined Pakistan's strategic shift under the leadership of Prime Minister Shehbaz Sharif towards a balanced, inclusive, and sustainable energy paradigm. He highlighted that Pakistan fully understands that as we manage transition towards industrialisation, our demand will go up that needs to be complimented with the induction of renewable energy and renewable technologies into our energy landscape. Another important aspect is coherence in terms of policy evolution. For this purpose, the Cabinet Committee on Energy, chaired by the prime minister is being revived to ensure coordination between the Petroleum and Power Divisions, he said. He said that we are expanding our gas infrastructure by encouraging local exploration. We are grateful to the government of Azerbaijan and our friendly countries who are assisting us and helping us in the indigenisation of the gas resources. A lot of strategy initiatives are being taken on conservation part. Despite economic challenges, Pakistan is committed to making the gas sector sustainable by dismantling inefficiencies and implementing reforms. We are working to build a sustainable energy sector. Reform is the cornerstone of the prime minister's vision for a resilient energy future Energy Minister of Azerbaijan Shahbazov, Turkish Deputy Minister of Energy, and Director of Energy at European Commission Cristina were among the participants of the plenary session. Copyright Business Recorder, 2025
Qatar Tribune
6 days ago
- Business
- Qatar Tribune
Turkey's TPAO joins major Azeri gas field project
Agencies Turkey's state energy company TPAO is joining a major natural gas field off Azerbaijan as a partner, in a deal that will mark a new chapter in bilateral cooperation, Energy and Natural Resources Minister Alparslan Bayraktar announced on Monday. The gas production-sharing agreement will be signed between TPAO, Azerbaijan's SOCAR and British energy giant BP on Tuesday and covers the Shafag-Asiman offshore block in the Caspian Sea, Bayraktar told the Baku Energy Week conference. He described the partnership between Turkey and Azerbaijan as a 'strategic energy alliance built on deep-rooted history, shared culture and a common vision' and said the new deal would enhance joint production in Azerbaijan. The Shafag-Asiman offshore block has long been viewed as a promising site for hydrocarbon exploration. It is 125 kilometres (78 miles) southeast of Baku and at a depth of 650-800 metres, according to SOCAR's website. The first exploration well was drilled in 2020. 'Hopefully, we will finalize the agreement here. We have acquired a 30 percent stake. Our partners are SOCAR and BP. We hope to begin production at this field,' Bayraktar told reporters on the sidelines of the conference. In a message sent to the opening ceremony of the event, President Recep Tayyip Erdoğan reaffirmed Turkey's commitment to deepening energy cooperation with Azerbaijan, calling their joint projects a key to regional and European energy security. Erdogan praised the enduring partnership between Ankara and Baku, which he said has been crowned with joint infrastructure projects such as the Baku-Tbilisi-Ceyhan (BTC), Baku-Tbilisi-Erzurum pipelines, and the Trans-Anatolian Natural Gas Pipeline (TANAP). 'Our collaboration not only benefits Turkey and Azerbaijan but also continues to make significant contributions to the energy security of the region and Europe,' said thepresident. On the sidelines of the event, Bayraktar held a meeting with Azerbaijani President Ilham Aliyev, which he described as productive, focusing on expanding cooperation across various energy domains. 'TPAO's presence in Azerbaijan is growing. We're also discussing collaboration on additional fields and will continue to ramp up our activity in the Caspian Sea,' he said. Bayraktar echoed Erdoğan's view that Turkish-Azerbaijani energy projects contribute to Europe's energy security. 'In the coming period, we anticipate new developments regarding projects that aim to deliver gas to Europe from alternative and additional sources,' he said. He also highlighted Azerbaijan's increasing investments in renewables and revealed plans for cross-border clean energy infrastructure. 'In the period ahead, we will develop projects for generating renewable energy in Nakhchivan and transporting it to Turkey, and through Turkey on to Europe,' he added. The remarks come at a time of rising global energy uncertainty driven by geopolitical conflicts, aging infrastructure and market volatility.
Yahoo
7 days ago
- Business
- Yahoo
Azerbaijan's SOCAR inks oil exploration deals with ExxonMobil and BP
The State Oil Company of Azerbaijan Republic (SOCAR) has reportedly signed new agreements with Exxon Mobil and bp for oil and gas exploration in the country. This collaboration aims to sustain Azerbaijan's oil output, which is projected to remain at approximately 582,000 barrels per day (bpd) or the next five years with the help of Western energy investments. At the Baku Energy Week conference, the two companies formalised their partnership by signing a memorandum of understanding (MOU), reported Reuters, citing three sources. ExxonMobil is expected to enhance Azerbaijan's onshore production, which currently represents just 5% of its total oil output. ExxonMobil vice-president of global exploration John Ardill said: "In the years to come, we will be able to talk about the potential size of the resource and what the economics might look like.' SOCAR vice-president for geology Arzu Javadova emphasised that the current stage of the agreement is to evaluate project options, with no immediate plans for drilling exploration wells. ExxonMobil also holds stakes in the Azeri-Chirag-Gunashli oil development project and the Baku-Tbilisi-Ceyhan pipeline, which is a key route for Caspian crude to reach Turkey and European markets. SOCAR is expected to announce the divestment of stakes in the Karabakh and Ashrafi-Dan Ulduzu-Aypara offshore oil and gas fields to bp. BP is expected to take over as the operator of the Karabakh project. The move follows bp's expression of interest last year through an MOU with SOCAR. The fields were previously part of a contract with Equinor, which withdrew in 2017 to concentrate on its core assets. In addition to oil, Azerbaijan is also focusing on expanding its natural gas exports. President Ilham Aliyev disclosed at the conference that the country aims to boost its natural gas exports by eight billion cubic metres (bcm) by 2030, building on the 25bcm exported in 2024. BP also announced a final investment decision on the Shafag solar plant project, a 240MW venture in the Jabrayil district of Azerbaijan. The project, estimated to cost $200m (£147.95m), is a collaboration between bp's solar unit, Lightsource BP, SOCAR, and the Azerbaijan Business Development Fund, with completion targeted for mid-2027. "Azerbaijan's SOCAR inks oil exploration deals with ExxonMobil and BP" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
