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Türkiye’s state-owned oil company, Turkish Petroleum (TPAO), signed a tripartite agreement with Oman’s Ministry of Energy and Minerals and OQ Exploration and Production New Ventures L.L.C. (OQEP), granting exclusive rights for three months to assess specific oil and gas fields in the country.
The deal was formalized as part of a broader memorandum of understanding signed on the same day during a visit by Türkiye’s Energy and Natural Resources Minister Alparslan Bayraktar to Muscat, where he met with Oman’s Minister of Energy and Minerals Salim Nasser Al Aufi.
Additionally, TPAO and OQEP signed a separate cooperation agreement to jointly explore new investment opportunities across upstream energy segments.
According to Minister Bayraktar, the two countries plan to collaborate on the full energy value chain—from exploration to processing and transport of oil and natural gas.
“This agreement aims to enable joint work across the entire value chain—from oil and natural gas exploration to transport and processing,” Bayraktar said in a post on X following the meeting.
Technical knowledge exchange and co-development of projects are central to the agreement, he added.
Bayraktar stated that the initiative aims to transform existing collaboration into actionable projects, ultimately delivering mutual benefits in both bilateral and third-country ventures.
Minister Bayraktar also met with Abdulsalam bin Mohammed Al Murshidi, Chairman of the Oman Investment Authority, where the discussions covered potential cooperation in petroleum, natural gas, renewable energy, and power infrastructure, both in Türkiye and abroad.
Oman is among the countries that rely heavily on their hydrocarbon sector, with oil and gas revenues accounting for about 70% of government income and 30% of gross domestic product (GDP).
As of mid-2022, the country’s proven reserves stood at 5.2 billion barrels of crude oil and 24 trillion cubic feet of natural gas, according to the International Trade Administration.
The country's Ministry of Energy and Minerals also projected that recent discoveries could increase daily oil output by 50,000 to 100,000 barrels within two to three years.
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