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Turkey State-Owned Botas Inks 15-Year Gas Supply Deal With Socar, Adnoc, TotalEnergies

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The Turkish Ministry of Energy and Natural Resources said Monday the country's state-owned Botas has finalized a 15-year agreement for the supply of natural gas with the State Oil Company of the Azerbaijan Republic, Abu Dhabi National Oil, and oil supermajor TotalEnergies (TTE).

Signed on the sidelines of Baku Energy Week, the deal includes the supply of 33 billion cubic meters of natural gas from Azerbaijan's Absheron field, according to the ministry, with supplies to begin in 2029.

"This strategic step, which supports Turkey's vision of becoming a central energy hub, will make significant contributions to the energy supply security of our country, our region, and Europe," the ministry said.

Supplies to the Turkish market are around half of the field production, Reuters reported, citing a Socar official.

The Absheron field is one of Azerbaijan's largest gas-condensate fields, with annual output potentially exceeding 4 billion cubic meters, Reuters reported.

A final investment decision for the second phase of the Absheron project is reportedly planned for this year, with gas production expected to begin by 2029.

Price: $89.11, Change: $+1.79, Percent Change: +2.04%

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