Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 30/11/2021 03:37 
17.06.2021 11:11 News >> SOCAR Signals Potential Cooperation With Turkish Petroleum In Black Sea

SOCAR Signals Potential Cooperation With Turkish Petroleum In Black Sea

Turkey announces total gas discovery of 540 billion cubic meters in Black Sea over course of 1 year.

Turkish Petroleum Corporation (TPAO) and the State Oil Company of the Azerbaijan Republic (SOCAR) could work together in field development and production of Turkey's giant gas discovery in the Black Sea, Vagif Aliyev, deputy chairman of SOCAR Turkey told reporters.
SOCAR, with much experience in natural gas and oil field development, has been investing and collaborating with Turkish Petroleum Corporation since 1994.
Therefore, Aliyev suggests it is well placed to cooperate in developing the giant Black Sea discovery, considered to be of strategic importance to the country.
"Professionally, it is in our field of interest," he said.
Aliyev's comments come after the visit of Turkish President Recep Tayyip Erdogan to Azerbaijan on Tuesday, who in a meeting with his Azerbaijani counterpart Ilham Aliyev discussed the potential cooperation of both SOCAR and TPAO.
The SOCAR chair also proposed that cooperation with TPAO could extend to investments in third countries, with potential upcoming projects in an "energy-rich third country."
SOCAR is Turkey's largest foreign investor with investments of about $16.5 billion made through its subsidiary SOCAR Turkey.
Turkey's largest gas find, totaling 405 billion cubic meters (bcm), was discovered by the country's drillship, Fatih, in the Sakarya Gas Field in the Black Sea last year.
This month, Turkey announced a second discovery of 135 bcm, bringing the cumulative gas discovery total to 540 bcm.
Turkey's Energy and Natural Resources Minister Fatih Donmez said the maximum annual production from the field could range between 15 and 20 bcm, corresponding to around 30% of the country's yearly gas consumption, which reached 48.2 bcm in 2020.
Turkey's new gas discovery could alleviate much of its gas import dependence, 48 bcm of which mainly comes from Russia, Azerbaijan and Iran via pipelines along with liquefied natural gas from several countries, including Nigeria, Algeria and the US.
First production from the Sakarya field plans to start by 2023.
Negotiations ongoing for 2nd petrochemical investment in Turkey
Aliyev confirmed that SOCAR is in negotiations with other companies, including British multinational chemicals company INEOS for a second petrochemical investment in Turkey.
SOCAR Turkey was planning to jointly invest in the project called Mercury with BP. However, project plans were delayed when BP decided to sell its petrochemical business to INEOS in June 2020.
"The investment decision will be clear next year. We do not want to delay the investment any further. We will make it either with a company from the sector or with a financial partner," Aliyev said.
SOCAR Turkey CEO Zaur Gahramanov earlier told Anadolu Agency that the investment volume of the project could be between $1.6 and $2 billion.
Hydrogen integration to pipelines of Southern Gas Corridor
A study to integrate hydrogen into the pipeline chain of the Southern Gas Corridor is taking place, Aliyev said, confirming that 20% could be allocated for hydrogen in the pipelines.
The 3,500-kilometer-long Southern Gas Corridor includes the Shah Deniz 2 field, the South Caucasus Pipeline, Trans Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).
Azerbaijan, Georgia, Turkey, Bulgaria, Greece, Albania and Italy are the countries involved in the project.
Inaugurated in 2019, TANAP has a capacity of 16 bcm to deliver 6 bcm to Turkey. Another 10 bcm is delivered to Europe via TAP.
TAP began the transport of commercial gas from Azerbaijan to Europe on Dec. 31 last year. It connects with the 878-kilometer-long TANAP at the Turkish-Greek border in Kipoi, crosses Greece and Albania and the Adriatic Sea, before coming ashore in Southern Italy. -



        Latest News
US Health Officials 'Strengthen' Recommendation To Get Vaccine Booster Shots 13 minutes ago...
Emergence of omicron variant leads to new sense of urgency.
Turkey Rescues 65 Asylum Seekers Pushed Back By Greece 13 minutes ago...
Migrants referred to provincial migration office.
4 Killed, 38 Injured As Powerful Storm Hits Istanbul -17 minutes ago...
Clock tower toppled, roofs blown off and trees uprooted when fierce storm ravages city, home to over 15M people.
Pentagon To Probe 2019 Airstrike That Killed Civilians In Syria's Baghuz -2 minutes ago...
Investigation will be conducted by Gen. Michael Garrett, commander of US Army Forces Command.
Syrian Regime Forces Kill 2 Civilians In Daraa 13 minutes ago...
Regime forces target city of Nawa with mortar strikes.

 
      Top News
Attempts For Taiwan's Independence 'Doomed To Fail': China Attempts For Taiwan's Independence 'Doomed To Fail': China
Turkish President To Pay Return Visit To UAE In February Turkish President To Pay Return Visit To UAE In February
4Th Int'l Red Crescent Amity Short Film Festival Set To Begin In Istanbul 4Th Int'l Red Crescent Amity Short Film Festival Set To Begin In Istanbul
Palestinian Theatre Group Uses Art To Resist Israeli Occupation Palestinian Theatre Group Uses Art To Resist Israeli Occupation
Indian Parliament Votes To Scrap Farm Laws Indian Parliament Votes To Scrap Farm Laws
Russia To Be Main Focus Of NATO Foreign Ministers Meeting Russia To Be Main Focus Of NATO Foreign Ministers Meeting
Observers Say Kyrgyzstan Polls 'Fair, Credible' As Opposition Cries Foul Observers Say Kyrgyzstan Polls 'Fair, Credible' As Opposition Cries Foul
Iran, Turkey Agree To Comprehensively Improve Relations Iran, Turkey Agree To Comprehensively Improve Relations
Turkish Security Forces Destroy PKK Hideouts In Northern Iraq Turkish Security Forces Destroy PKK Hideouts In Northern Iraq
Diary Diary