BP, Turkey, Azerbaijan Expand Caspian Energy Partnership

BP has launched a $2.9 billion development phase at Azerbaijan’s Shah Deniz gas field, introducing solar and electrification projects to reduce emissions and increase production as part of new agreements signed at Baku Energy Week. BP and Azerbaijan’s SOCAR have also secured fresh exploration rights in the Caspian Sea, obtaining a 35% stake in new blocks. Meanwhile, Turkey’s state energy firm TPAO is joining BP and SOCAR as a 30% partner in the Shafag-Asiman field. The trilateral partnership aims to strengthen regional and European energy security and expand cooperation into renewable energy. The deals underscore the deepening strategic energy alliance among Turkey, Azerbaijan, and BP. Leaders from all parties emphasized the importance of these agreements for long-term regional energy resilience and cooperation.