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Qatar Tribune
20 hours 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.
Reuters
2 days ago
- Business
- Reuters
Turkey, Azerbaijan, BP in Caspian Sea oil and gas production deal
BAKU, June 2 (Reuters) - Turkish state oil company TPAO will sign a gas production-sharing agreement with Azerbaijan's SOCAR and BP (BP.L), opens new tab for the Shafaq-Asiman offshore block on the Caspian sea, Turkey's energy minister said on Monday. "Today, we are taking further steps with the signing of a major agreement that will increase our oil and gas production in Azerbaijan," Minister Alparslan Bayraktar said at the Baku Energy Week conference. TPAO's share will be 30% and there are also "talks on other fields," Bayraktar said, according to a ministry statement, which added that the agreement will be signed on Tuesday. The Shafag-Asiman block is 125 kilometres (78 miles) southeast of Baku and at depth of 650-800 metres, according to SOCAR's website. The first exploration well was drilled in 2020.
Express Tribune
24-05-2025
- Business
- Express Tribune
New onshore block awards deepen ties with Turkiye
Listen to article Federal Minister for Petroleum Ali Pervaiz Malik met with Irfan Neziroglu, Ambassador of Turkiye to Pakistan, on Friday to discuss expanding cooperation in the energy sector, including oil and gas exploration and collaboration in critical minerals. The meeting, held at the Ministry of Petroleum, also touched upon the evolving geopolitical environment and diplomatic ties between the two countries. According to an official statement, the petroleum minister conveyed appreciation for Türkiye's continued diplomatic support to Pakistan, particularly during its recent tensions with India. He said the bond between the two countries had endured over time, strengthened by shared history and strategic alignment. Malik relayed Prime Minister Shehbaz Sharif's gratitude, stating that President Erdogan's vocal support reflects the depth of the Pakistan-Türkiye relationship. Neziroglu echoed these sentiments, describing the relationship as a "time-tested brotherhood." He praised Pakistan's handling of recent geopolitical challenges. Discussions focused on energy cooperation, with emphasis on joint ventures, technology transfer, and resource development. Malik noted that Türkiye's state-owned Turk Petrolleri Anonim Ortakligi (TPAO) had been provisionally awarded two onshore blocks in Pakistan in the latest bidding round held on May 13, 2025. One block, Ziarat North in Balochistan, includes JV partners MariEnergies (33.16%, operator), OGDCL (24.87%), PPL (24.87%), TPAO (10%), and GHPL (7.10%). The second, Sukhpur-II in Sindh, was awarded to a JV comprising Prime (25%, operator), OGDCL (30%), MariEnergies (30%), and TPAO (15%). TPAO has also signed a Joint Bidding Agreement with a consortium of Pakistani firmsMariEnergies, OGDCL, and PPLfor participation in the upcoming Offshore Bid Round 2025.
Straits Times
21-05-2025
- Business
- Straits Times
Estimated 6 billion barrel shale oil reserve in southeast Turkey, minister says
SIRNAK, Turkey - U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said. Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin. "Turkey's current annual (crude) oil import amounts to 365 million barrels. So a 6.1 billion barrel reserve is a great figure," Energy Minister Alparslan Bayraktar told reporters during a visit to southeast Turkey this week. The minister previously heralded the March agreement as "a new era in local crude oil exploration" with Turkey viewing shale oil and gas discoveries as a key development. It is aiming to produce shale gas from the northwestern Thrace region, Bayraktar said. "Shale oil and shale gas could be a game changer," he said. Continental Resources did not immediately respond to a request for comment. Turkey is not a major oil and gas producer and currently imports more than 90% of its energy needs. The government is looking to cut its import bill and boost supply security by developing domestic resources and expanding international partnerships in oil and gas exploration. President Tayyip Erdogan recently announced that Turkey had discovered a new reserve of 75 billion cubic metres (bcm) of natural gas during drilling works in the Black Sea. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
21-05-2025
- Business
- Yahoo
Estimated 6 billion barrel shale oil reserve in southeast Turkey, minister says
By Nevzat Devranoglu SIRNAK, Turkey (Reuters) -U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said. Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin. "Turkey's current annual (crude) oil import amounts to 365 million barrels. So a 6.1 billion barrel reserve is a great figure," Energy Minister Alparslan Bayraktar told reporters during a visit to southeast Turkey this week. The minister previously heralded the March agreement as "a new era in local crude oil exploration" with Turkey viewing shale oil and gas discoveries as a key development. It is aiming to produce shale gas from the northwestern Thrace region, Bayraktar said. "Shale oil and shale gas could be a game changer," he said. Continental Resources did not immediately respond to a request for comment. Turkey is not a major oil and gas producer and currently imports more than 90% of its energy needs. The government is looking to cut its import bill and boost supply security by developing domestic resources and expanding international partnerships in oil and gas exploration. President Tayyip Erdogan recently announced that Turkey had discovered a new reserve of 75 billion cubic metres (bcm) of natural gas during drilling works in the Black Sea.
