BP, Azerbaijan’s state oil company SOCAR, and Türkiye’s national oil company TPAO have signed several agreements enabling TPAO to join the Production Sharing Agreement (PSA) for the Shafag-Asiman offshore block, located in the Azerbaijani sector of the Caspian Sea.

According to a statement by BP, the agreement will facilitate the accelerated evaluation of the block’s potential and help define the most suitable development strategy for the project.

The Shafag-Asiman block lies approximately 125 kilometers southeast of Baku and includes deepwater prospects with significant hydrocarbon potential. Previous exploration activity was carried out jointly by SOCAR and BP under an existing PSA framework.

Significance of the Agreement:

Strengthens energy cooperation between Azerbaijan, Türkiye, and major international energy firms.
Expands TPAO’s involvement in the Caspian Sea's energy sector.
Enhances regional energy integration, contributing to long-term energy security and export diversification.
Company representatives expressed confidence that this partnership will unlock new opportunities for sustainable resource development and further solidify regional energy ties.

Fatima Shukurova // EDnews