bp, SOCAR and TPAO today signed several agreements enabling TPAO to join the production sharing agreement (PSA) for the Shafag-Asiman offshore block in the Azerbaijan sector of the Caspian Sea.
The official signing of the agreements took place today on the sidelines of Baku Energy Week.
The deal is expected to be completed by the end of the third quarter of 2025. Once finalized, TPAO will own a total 30% participating interest in the PSA—15% transferred from bp and 15% from SOCAR. Currently, bp and SOCAR each hold a 50% participating interest in the PSA.
bp will remain the operator of the PSA during the exploration period.
“We are pleased to welcome TPAO into the Shafag-Asiman partnership. This strategic collaboration underscores the importance of regional partnerships in advancing the evaluation and potential development of Azerbaijan’s offshore resources. Together with bp and TPAO, we aim to accelerate the appraisal process, ultimately enhancing energy security and bringing added value to all stakeholders involved,” - stated Rovshan Najaf, president of SOCAR.
The block lies some 125 kilometres to the south-east of Baku and is located in water depths of 650-800 metres. The block is 60km from Shah Deniz and 145km from the Sangachal terminal.
The deal aims to accelerate further evaluation of the block to help identify the most suitable option to progress the project.
"To that end, additional evaluation activities will be carried out, including the drilling of a well into the Lower Surakhany reservoir. To allow for these activities, the exploration period under the PSA will be extended,"- said bp in its statement
Gary Jones, bp’s regional president for Azerbaijan, Georgia, and Türkiye, said this collaboration would bring additional technical and financial capabilities to accelerate exploration and appraisal activities on this structure.
"By joining the Shafag-Asiman partnership alongside SOCAR and bp, Türkiye Petrolleri reaffirms its commitment to building a secure, diversified and sustainable energy future for our nations and beyond. This collaboration brings together SOCAR’s deep local expertise, bp’s advanced technology, and TPAO’s offshore experience. Together, we aim to unlock the full potential of this promising structure in the Caspian Sea," - stated Ahmet Türkoğlu, chairman and CEO of TPAO.
He added that this partnership will create high-value employment and reinforce the Southern Gas Corridor—contributing to regional stability, energy security, and long-term economic growth.
Exploration activities in the block carried out to date include the acquisition, processing, and interpretation of a 3D seismic survey and the drilling of one exploration well (SAX01), completed in 2021. The SAX01 well was drilled to the base of the Fasila reservoir, reaching a depth of 7,189 metres, and confirmed the presence of gas condensate resources in the penetrated reservoirs. The well was then suspended to allow for further evaluation and planning of subsequent activities.
The Kremlin on Monday rejected a 60-day ceasefire idea proposed by Ukrainian President Volodymyr Zelenskyy to...
One person was killed and nearly a dozen hurt in a fresh attack on Riyadh's international airport on Sunday, S...
Here's your AnewZ Daily Brief for 12 October 2026 with the top five natural disasters happening around the world. ...
One person was killed and nearly a dozen hurt in a fresh attack on Riyadh's international airport on Sunday, Saudi authorities reported, a day after a strike claimed by Yemen's Houthis killed 13 people and wounded more than 300.
Yemen's Houthis renewed warning to airlines, airport workers, and travellers against using Saudi airports, saying the warning should be taken seriously and that the kingdom “bore responsibility for failed interceptions”, a day after an attack on Riyadh's international airport that killed 12 people.
The Houthi movement has escalated their attacks on Saudi Arabia, targeting the airport in Riyadh and other cities, killing more than a dozen people.
Ukraine is ready to stop attacks on Russian oil refineries if Moscow also halts strikes on Ukrainian energy infrastructure, President Volodymyr Zelenskyy said on Sunday.
The Kremlin on Monday rejected a 60-day ceasefire idea proposed by Ukrainian President Volodymyr Zelenskyy to allow his country to hold presidential elections, saying it wanted an overall peace deal instead.
Artificial intelligence investment is helping sustain global growth at around 3 per cent, with Asia poised to reap major benefits. But soaring energy costs, unequal investment and growing pressure on young workers threaten to leave some economies behind.
Uzbekistan and Russia have a portfolio of more than 200 joint projects worth almost $6 billion, as the two countries continue to expand regional and business ties. The projects were discussed during the third meeting of the Council of Regions of Russia and Uzbekistan, held in Fergana, Uzbekistan.
In the marshlands of Malluba in southern Azerbaijan, Kamil Mammadov follows a routine that has been passed down through generations. His family has worked with medicinal leeches for centuries, harvesting and breeding a species known as Hirudo orientalis, or the Caucasian medicinal leech.
Baku is hosting the second Azerbaijan International Investment Forum (AIIF 2026) and it’s attracting more interest this year, Azerbaijan’s Deputy Prime Minister told AnewZ. “The agenda is very impressive. More guests, more interest,” he said.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking the end of one of the most influential leadership tenures in corporate history and completing a succession process that has been years in the making.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment