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TPAO to invest in Azerbaijan

12 November 2016 10:00 (UTC+04:00)
TPAO to invest in Azerbaijan

The Turkish Petroleum Corporation (TPAO) will spend $1.691 billion in oil and natural gas exploration and production projects in Turkey, Azerbaijan and other countries.

TPAO maintains business in Azerbaijan, Iraq, Russia, Libya and Afghanistan in order to ensure Turkey's crude oil and natural gas demand.

Next year the company will invest $243 million in natural gas exploration in Turkey as it aims to increase the yearly production volume to 28.5 million barrels in 2017.

TPAO owns a 6.75% share in Azeri–Chirag–Gunashli project, a 19% share in Shah Deniz gas field and South Caucasus Pipeline projects, and a 6.53% stake in Baku–Tbilisi–Ceyhan pipeline.

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