Azerbaijan's state-owned energy giant SOCAR is poised to join British Petroleum (BP) in an oil and gas development initiative in Iraq's Kirkuk region, as reported by Haqqin.az.
BP recently inked an agreement with Iraq's Ministry of Oil on March 26, focusing on the development of several key fields in Kirkuk province. These include Baba, Avanah, Bai Hassan, Jambur, and Khabbaz, with objectives to elevate oil output to 420,000 barrels daily, expand gas production capabilities, and establish a 400-megawatt power plant.
SOCAR is anticipating an invitation from BP to officially participate in the venture. Such involvement could ensure a stable supply of high-sulphur crude oil for its STAR refinery located in Aliaga, Türkiye.
Additionally, this move might enhance crude exports through the Kirkuk-Ceyhan pipeline, targeting Mediterranean markets.
This potential collaboration reflects SOCAR's growing footprint in international energy operations, including recent engagements in the UAE and Israel.
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bp, in collaboration with its partners, has signed a series of agreements to strengthen and expand its significant oil and gas interests in Azerbaijan.
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.
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In Russia, power has always determined who rises and who falls. Under Boris Yeltsin, oligarchs emerged as state property was carved up in the chaos of the 1990s. Wealth was fast, often crude, and frequently independent of the Kremlin itself.
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