New projects in Caspian one of our main goals - Turkish Petroleum

WORLD  01 June 2023 - 16:59

The Turkish Petroleum Corporation (TPAO) has announced its aim to develop new projects in the Caspian basin and strengthen its regional connections.

"It is our main goal to develop the relationship between TPAO and SOCAR (State Oil Company of Azerbaijan), especially in exploration and production. Our main goals are to exist in new projects in the Caspian basin, to develop new projects, to provide mutual benefits and to strengthen our connections," Melih Han Bilgin, the CEO of TPAO, told Anadolu in the Azerbaijani capital Baku, where he participated in the 28th International Caspian Oil and Natural Gas Fair.

Bilgin emphasized the global significance of the Caspian energy basin and highlighted TPAO's investments in Azerbaijan on behalf of the Turkish state since the country's independence.

He also noted the company's involvement in Azerbaijan's most vital oil and natural gas projects, with investments in the basin exceeding $15 billion.

Regarding natural gas production projects in the Black Sea, Bilgin stated that they are at the initial stage and have already begun gas extraction and production.

"We continue to develop there, but we have a lot of work to do. We started with 10 billion cubic meters. With the first part of Phase 2, we will add another 10 billion cubic meters to this and increase it to 20 billion cubic meters in a short time. After that, we will increase (the production) to 40 billion cubic meters," he said.

Bilgin further mentioned that TPAO has been planning projects in the Black Sea gradually, and their partnership and search for joint projects in the Caspian basin will develop in a way that will benefit both Türkiye and Azerbaijan, as well as TPAO and SOCAR.

Caliber.Az