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The Ministry of Energy and Natural Resources is set to finalize a major agreement between the Turkish Petroleum Corporation (TPAO) and British energy giant BP.
According to Bloomberg, the signing ceremony for the joint oil and natural gas exploration and production deal will take place on Feb. 12.
This move is part of a broader strategy by Ankara to collaborate with global energy leaders. On Feb. 5, Türkiye signed a similar agreement with Chevron Corp to conduct joint exploration activities worldwide.
Additionally, TPAO signed a memorandum of understanding (MoU) with ExxonMobil's subsidiary, ESSO Exploration International Limited, during the summer.
That agreement covered new exploration areas in the Black Sea and Mediterranean, as well as other potential international sites.
Türkiye aims to reduce its heavy reliance on imported oil and gas by boosting domestic production and expanding TPAO's international operations.
To support these deep-sea operations, TPAO has expanded its inventory to include six drilling ships and two seismic research vessels.
The company also recently announced plans to raise $4 billion through a sukuk issuance to fund its growing activities.
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