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Türkiye’s national energy company, Turkish Petroleum (TPAO), has entered a new strategic cooperation framework with U.K-based energy group BP covering joint work in oil and natural gas projects across multiple regions, Energy and Natural Resources Minister Alparslan Bayraktar announced on Thursday.
The agreement sets out a cooperation framework for developing oil and gas fields, assessing high-potential exploration areas, increasing oil export capacity and strengthening natural gas transportation infrastructure at both regional and international levels.
In a written statement, Bayraktar said Iraq, especially the Kirkuk fields, is set as the top priority for joint work with BP, alongside potential cooperation in Libya, Kazakhstan and Azerbaijan.
"We want to carry the existing cooperation between TPAO and BP into different fields and countries," Bayraktar said. "I believe we will share concrete developments with the public within the year."
Bayraktar referred to TPAO’s target to raise oil and natural gas production to 1 million barrels, adding that the deal would help expand joint exploration and field development efforts abroad. He also said another agreement is expected to be signed next week involving a separate partnership with a clearly defined country and location, describing it as "more concrete and specific."
Bayraktar recalled that TPAO recently won license rights for two blocks in Libya, one offshore and one onshore, in an international tender held after a 17-year gap. He said the company submitted bids for two blocks and secured both.
Under that tender outcome, TPAO will explore for oil and gas together with Spanish partner Repsol. The Turkish company will hold a 40% stake in both the offshore and onshore blocks. Hungary’s MOL is also a partner in the offshore block.
The BP memorandum follows other recent international agreements signed by TPAO.
Last month, the company signed a memorandum with ExxonMobil subsidiary ESSO Exploration International Limited covering new exploration areas in the Black Sea and the Mediterranean, along with other potential international fields to be identified jointly.
Last week, TPAO also signed a separate memorandum with Chevron aimed at developing joint oil and gas exploration and production activities in Türkiye and in international project areas.
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