TPAO Operations in Azerbaijan
As of March 2012, TPAO had invested US $3.4 billion in oil, gas and pipeline projects in Azerbaijan and the company's revenue from all energy projects totalled $5.3 billion from entry into the country to date.
As of August 2012, TPAO a participant in three exploration, development and production projects in Azerbaijan:
Furthermore, TPAO has a share of 6.53% in the BTC Co. which is carrying out all activities of the Baku-Tbilisi-Ceyhan Pipeline Project, and a 9% share in the South Caucasus Natural Gas Pipeline Project which transports Shah Deniz gas to Turkish-Georgian border. 
According to Azer News, TPAO's investments in Azerbaijan are expected to increase if the Araz-Alov-Sharg field begins to be developed. As of 2012 the project was 'frozen due to the Caspian Sea's unresolved status.