Oil & Gas Turkey buys 30% stake in Azerbaijan gas field By Pramod Kumar June 3, 2025, 9:30 AM Alparslan Bayraktar/X Turkish energy minister Alparslan Bayraktar said Ankara will expand its exploration activities in the Caspian Sea State-owned Turkish Petroleum Corporation (TPAO) has reportedly acquired a 30 percent stake in a natural gas field off the coast of Azerbaijan. The other partners are the State Oil Company of the Republic of Azerbaijan (Socar) and British energy major BP, Daily Sabah newspaper reported, quoting energy and natural resources minister Alparslan Bayraktar at the Baku energy week conference. The Shafag-Asiman offshore block is located 125km southeast of Baku in the Caspian Sea, with the first exploration well drilled in 2020. The field is estimated to hold reserves of nearly 500 billion cubic metres of natural gas and 65 million tonnes of condensate. TPAO’s presence in Azerbaijan is growing, Bayraktar said, adding that the government is discussing collaboration on additional fields and will expand its activities in the Caspian Sea. Financial details were not disclosed. He said that Turkey will develop renewable energy projects in Nakhchivan, with the energy produced transported to Turkey and then to Europe. Ankara is continuing to invest in domestic hydrocarbon production. “We are currently producing 9.5 million cubic metres of gas per day from the Sakarya gas field. This will double next year and reach 40 million cubic metres daily by 2028,” he said. Turkey discovers new gas reserves in Black Sea Turkey in nuclear plant talks with Canada’s Candu Turkey’s largest refiner buys Russian oil after price drop Last month the minister said that initial estimates of reserves at a shale oil prospect in Turkey’s southeast are up to 6.1 billion barrels, equal to 15 years of domestic consumption. Ankara meets just 8 percent of its domestic oil needs from local production. The main source is the Gabar field in the country’s southeast, which has an output of 81,000 barrels per day. Energy imports contribute significantly to Turkey’s trade deficit. In March, the export coverage ratio was 76 percent, with energy imports factored in, but rose to 89 percent with oil and gas costs stripped out. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
