Baku energy week sparks major energy deals

Baku Energy Week 2025 has spotlighted Azerbaijan’s rising energy role, as it secures landmark oil, gas, and renewable energy deals with global partners, reinforcing its commitment to diversification and security.

Azerbaijan has emerged as a central player in global energy cooperation during Baku Energy Week 2025, where a series of high-level agreements have underlined its growing influence in both traditional and renewable energy sectors.

A major highlight of the event was the signing of a gas production-sharing agreement between Türkiye’s state oil company TPAO, Azerbaijan’s SOCAR, and energy giant BP. The deal focuses on the development of the Shafaq-Asiman offshore block in the Caspian Sea, where TPAO has acquired a 30% stake. The project is expected to significantly boost Azerbaijan’s offshore gas production capabilities.

Commenting on the agreement, Türkiye’s Minister of Energy and Natural Resources Alparslan Bayraktar stated:
“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. We are also discussing other fields in the Caspian Sea. Our efforts in this area will continue to grow.”

Further strengthening Azerbaijan’s energy partnerships, Exxon Mobil and SOCAR signed a separate agreement to explore onshore oil and gas production in the country. In addition, BP is expected to expand its operations by acquiring stakes in new offshore fields, according to sources close to the matter.

On the renewable energy front, Azerbaijan and BP have agreed to build a 240-megawatt solar power plant in the Karabakh region. The $200 million project is set to be completed by mid-2027, marking a significant step toward energy diversification and sustainable regional development.

These agreements reflect Azerbaijan’s dual strategy of advancing fossil fuel cooperation while accelerating investment in renewable infrastructure. As global energy markets evolve, the country continues to position itself as a reliable partner and a key contributor to energy security.

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