SOCAR eyeing gas production in Black Sea

By Sabina Alizade

SOCAR , Azerbaijan's largest oil and gas production company, has demonstrated interest in diversifying its assets and expanding its geographical activity in recent years. One of the primary areas of this expansion is the Black Sea region, which is known for its high potential for hydrocarbon production. The Black Sea has long attracted the attention of oil and gas companies, partly due to its strategic location that provides access to key energy markets. The strategic placement of deposits in the Black Sea can enhance energy security and diversify supplies for many countries.

Turkey and Azerbaijan are working to increase their involvement in this strategically important region. The two countries' joint efforts in developing gas fields in the Black Sea open new perspectives for energy security, economic development, and geopolitical influence.

The collaboration between SOCAR and Turkey in the energy sector has a long history based on shared interests. The strategic partnership between the two countries has led to several successful projects, including the Baku-Tbilisi-Ceyhan (BTC) oil pipeline and the Southern Gas Corridor project, which transports Azerbaijani gas to Europe.

Considering SOCAR's experience in hydrocarbon production , the company has the potential to become a major player in the development of Black Sea deposits. Its activities in this region can contribute not only to strengthening its position in the global energy market but also to enhancing the overall energy security of the region.

SOCAR's interest in the Black Sea deposits reflects the company's desire to branch out and expand its operational geography. This step represents not only a commercial opportunity but also a significant contribution to the energy security and stability of the region. The challenges and problems SOCAR faces in this process require a complex approach and innovative solutions, but with the right strategy, the company can successfully strengthen its positions in the Black Sea and the global energy sector overall.


Economic expert Natiq Jafarli has told News.Az that SOCAR is one of the most experienced companies worldwide in offshore oil and gas extraction. He noted that the company has been working in this field since 1948, possesses significant experience, and has the personnel capacity to manage offshore deposits. The expert emphasized that the joint development of the Black Sea deposits would also be very beneficial for Turkey, as Turkish companies have very little to no experience in this area.

"Turkey is trying to become Europe's new gas hub, a new gas centre. Serious efforts are being made in this regard. Work is underway near Istanbul and Edirne to create a new gas hub, a new gas centre," he added. SOCAR not only has significant experience in oil extraction but also in oil and gas sales. Thus, it is possible to market the gas produced in the Black Sea through SOCAR's connections to the European market. Therefore, I believe this cooperation could bring significant dividends for both countries."

The joint development of gas deposits in the Black Sea could be a strategic step for both sides. Turkey has ambitious plans to increase the share of gas in its energy complex, and developing deposits in the Black Sea could be a key element in achieving this goal. For SOCAR, this initiative opens new opportunities to expand its influence in the region and increase gas production.


Ilham Shaban, a renowned expert in oil production and head of the Oil Research Centre, has told News.Az that production collaboration between SOCAR and Turkey could be strategically and economically interesting. He noted that Turkey has already drilled several fields in the Black Sea and is already producing gas from the Sakarya field, with several gas fields surrounding it.

Involvement in these fields would mark a new phase in SOCAR's history. "Even though we have been pioneers in the global oil history since 1846 and have been a gas exporter since 2007, we have not extracted a single barrel of oil or gas equivalent outside Azerbaijan. We have only scored significant achievements within our borders, both alone and in cooperation with local and foreign companies," he remarked.

The expert highlighted that in the twilight of traditional energy, this would be a great success. So far, the leadership of Azerbaijan's State Oil Company has not made any statement on this. However, we regularly sign memorandums of understanding with Russia, Kazakhstan, Uzbekistan, and other countries, but these have not developed.

P.S. SOCAR's interest in the Black Sea deposits reflects the company's desire to branch out and expand its geography of operations. This step represents not only a commercial opportunity but also a significant contribution to the energy security and stability of the region. The challenges and problems SOCAR faces in this process require a complex approach and innovative solutions, but with the right strategy, the company can successfully strengthen its positions in the Black Sea and the global energy sector overall. The joint development of gas deposits in the Black Sea opens new perspectives for energy and economic development for Turkey and SOCAR. This project could become an important element in ensuring the energy security and sustainable development of the region. Considering both sides' experience, collaboration on gas deposits in the Black Sea has the potential to be a mutually beneficial and long-term project that contributes to the growth of both countries.


News.Az 

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