TPAO acquires 30% stake in Shafag-Asiman field
Baku, June 3, AZERTAC
bp, SOCAR, and Turkish Petroleum Corporation (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 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.
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.
The official signing of the agreements took place today on the sidelines of Baku Energy Week.
Rovshan Najaf, president of SOCAR, said: “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.”
Gary Jones, bp’s regional president for Azerbaijan, Georgia, and Türkiye, said: “As operator, we welcome this opportunity to cooperate with TPAO to progress the Shafag-Asiman project. This collaboration will bring additional technical and financial capabilities that will help us accelerate exploration and appraisal activities on this promising structure. This again highlights the commitment of all parties to unlocking the full potential of Azerbaijan’s oil and gas resources in the Caspian through enhanced collaboration and investment.”
Ahmet Türkoğlu, chairman and CEO of TPAO, said: “Today marks an important step in our regional energy cooperation. 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.
“Beyond exploration, this partnership will create high-value employment and reinforce the Southern Gas Corridor—contributing to regional stability, energy security, and long-term economic growth.
“As Türkiye Petrolleri, we are proud to stand alongside SOCAR and bp in realizing a shared vision of progress and resilience across the region.”
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.
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