Ankara, Baku to sign new deal to boost oil, gas production in Azerbaijan

BAKU

Azerbaijani President Ilham Aliyev and Turkish Energy and Natural Resources Minister Alparslan Bayraktar at Baku on June 2.

Ankara and Baku are taking further steps to boost oil and gas production in Azerbaijan with the signing of a major agreement, Turkish Energy and Natural Resources Minister Alparslan Bayraktar announced Monday.

"The Shafag-Asiman Production Sharing Agreement will form another partnership between Turkish Petroleum, SOCAR (State Oil Company of Azerbaijan) and bp," said Bayraktar, addressing Baku Energy Week in the Azerbaijan’s capital.

"The partnership between Türkiye and Azerbaijan stands as a model of strategic energy cooperation built on deep-rooted ties of history, culture, and shared vision," Bayraktar added.

During Baku Energy Week, Turkish Petroleum, SOCAR and bp are set to sign a deal to develop the natural gas field in the Caspian Sea.

"Turkish Petroleum is entering the Shafag-Asiman field as a partner. We have acquired a 30 percent stake. We will start production in this field together with our usual partners SOCAR and bp," Bayraktar told reporters following his speech.

Pointing out that Turkish Petroleum's visibility in Azerbaijan has increased, Bayraktar said: "We are also discussing other fields in the Caspian Sea. Our efforts in this area will continue to grow."

Bayraktar also read a message from Turkish President Recep Tayyip Erdoğan who said recent global geopolitical developments have once again underscored the importance of Türkiye-Azerbaijan cooperation on energy security.

The Turkish president said the Iğdır-Nakhchivan pipeline, inaugurated in March, is the latest example of the long-standing and successful energy cooperation between the two countries.