Turkey and Azerbaijan are working on a long-term agreement on gas supplies from the Karabakh field in the Azerbaijani sector of the Caspian Sea, Turkey’s Energy and Natural Resources Minister Alparslan Bayraktar said.
“We have been working on a long-term agreement on the Karabakh field in the Caspian Sea for a long time. An agreement in principle has been reached on the start of gas imports from the field, if possible, in 2028, or at the latest in 2029,” Bayraktar said during an interview with Azerbaijani AzTV state television.
He said that Turkey is ready to conclude long-term contracts for the purchase of additional volumes of natural gas from Azerbaijan.
“If Azerbaijan has additional gas volumes over the next 15 years, our domestic market is open. Turkey’s industry, economy, and the population are growing, and we are ready for long-term commitments to purchase gas,” Bayraktar said.
The minister also said that in order to expand the capacity of the Southern Gas Corridor, an active position is needed not only from Turkey and Azerbaijan, but also from Europe.
He said that Turkey is confidently moving toward being an energy hub and is “ready to double gas transportation to Europe.”
The Karabakh oil field is located 120 km east of Baku, 20-25 km from the Caspian Gunashli field, at a depth of 150-200 meters.
On May 31, 2018, the State Oil Company of the Azerbaijan Republic (SOCAR) and Equinor signed a PSA for the exploration and development of the Dan Ulduzu-Ashrafi-Aypara block of promising structures and a Risk Service Contract for the development of the Karabakh field. SOCAR and Equinor created an operating company on a parity basis to implement the project.
However, Equinor sold its 50% stake in the projects to SOCAR in December 2023, with the deal closing on April 24, 2024.
In September 2024, BP and SOCAR signed a memorandum of understanding on the Karabakh field and the Dan Ulduzu-Ashrafi-Aypara structure. BP noted at the time that its participation in the exploration and development of the two offshore areas could accelerate the implementation of the projects owing to possible synergies.
In early 2025, BP plc vice president for the Caspian region, Bakhtiyar Aslanbeyli, said that the company expects to enter into a contract for the development of the Karabakh field this year.
