Turkish Petroleum and bp sign pact on oil, gas cooperation

By Handan Kazanci

ISTANBUL (AA) - National energy company Turkish Petroleum (TPAO) and British energy major bp have signed a memorandum of understanding to enhance cooperation in oil and natural gas, including potential collaboration in Iraq, Türkiye's energy and natural resources minister announced on Thursday.

"Our most fundamental priority project is cooperation in Iraq. We are looking at cooperation in Iraq, primarily in the Kirkuk fields," said Alparslan Bayraktar after the signing ceremony in Istanbul, according to an Energy and Natural Resources Ministry statement.

"Another common topic is Libya. We are considering cooperation in Libya," he added.

"We will also evaluate these collaborations in terms of different projects in Kazakhstan and Azerbaijan in Central Asia," he said. He said concrete developments will be revealed this year.

Bayraktar also signaled another agreement expected next week.

"That one is a different agreement. It is more concrete and clearer, and we will establish a partnership with a specific location and country. We plan to sign that one next week as well," he said, without giving further details.

The TPAO-bp agreement establishes a framework for international and regional cooperation in developing oil and natural gas fields, assessing areas with exploration potential, and expanding oil export capacity and natural gas transportation infrastructure, the ministry said.

Bayraktar said TPAO is expected to produce about 500,000 barrels of oil and natural gas per day by 2028, adding that the agreement is part of broader efforts to raise output to 1 million barrels per day.

The deal follows previous memorandums of understanding between Turkish Petroleum and Chevron, as well as ExxonMobil subsidiary ESSO Exploration International Limited, covering new exploration areas in the Black Sea and the Mediterranean, along with other potential regions.

- TPAO wins Libya energy blocks, expands overseas push

TPAO recently secured two blocks, one onshore and one offshore, in Libya's oil and gas licensing round, launched for the first time in 17 years.

"This time we will explore for natural gas and oil together with our Spanish partner Repsol. Turkish Petroleum will hold a 40% stake in both onshore and offshore fields," Bayraktar said.

He added that Hungarian energy company MOL is also a partner in the offshore field.