TPAO to acquire 30% stake in Shafag-Asiman gas project in Caspian Sea - Turkish energy minister
BAKU. June 2 (Interfax) - Turkish Petroleum Corporation (TPAO) plans to acquire a stake in the Shafag-Asiman gas field development project in Azerbaijan's sector of the Caspian Sea, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said.
"TPAO is joining the Shafag-Asiman gas field project as a partner. We hope to finalize an agreement here [as part of Baku Energy Week] and commence production at this field," Bayraktar was reported as saying by Turkish broadcaster TRT Haber during the 30th Caspian Oil & Gas exhibition in Baku.
TPAO will secure a 30% participating interest in the project.
"TPAO's presence here will strengthen. We're discussing other fields as well, in particular we are planning to intensify operations in the Caspian Sea," Bayraktar said.
Turkish-Azerbaijani energy projects contribute to Europe's energy security, he said. "In the near future, we hope to see new steps regarding gas supply projects to Europe from alternative sources," he said.
As reported, the 1,100 square kilometer Shafag-Asiman block is located 125 km southeast of Baku at water depths of 650-800 meters. The structure was discovered in 1961.
A development contract for the block was signed between the State Oil Company of the Azerbaijani Republic (SOCAR) and BP Exploration in July 2010 and became effective in June 2011, with equal 50-50 participation. The contract spans 30 years with a potential 5-year extension.
3D seismic surveys have been conducted at the structure, with estimated reserves of 500 billion cubic meters of gas and 65 million tonnes of condensate.
Since January 11, 2020, the SAX01 exploratory well has been drilled at a water depth of 623 meters.
In March 2021, BP and SOCAR announced that comprehensive studies at SAX01 (depth: 7189 meters) revealed initial gas-condensate deposits, completing exploratory drilling down to the productive Fasila horizon (break formation).
The companies didn't rule out drilling an additional appraisal well through a sidetrack from SAX01 to further evaluate the field's reserves.
