TPAO and BP sign pact on oil, natural gas cooperation

ISTANBUL

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 has announced.

"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.

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

"We will also evaluate these collaborations in terms of different projects in Kazakhstan and Azerbaijan in Central Asia," he said.

Bayraktar also signaled another agreement expected next week.

"That one is a different agreement. It is more concrete and clear, 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 providing 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 minister said.

Bayraktar noted 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 increase output to 1 million barrels per day.

The deal follows previous memorandums of understanding between TPAO 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 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.