Türkiye's state-run oil company, Turkish Petroleum Corporation (TPAO), signed on Thursday a memorandum of understanding (MoU) with British giant BP to boost cooperation in the oil and natural gas sector, a top official said, marking the latest in a series of deals with some of the world's largest companies operating in the sector.
"In Istanbul, we have signed a Memorandum of Understanding between our national oil company TPAO and BP to deepen our cooperation in the oil and natural gas sector," Energy and Natural Resources Minister Alparslan Bayraktar said in a post on X, featuring the photos from the signing ceremony.
"The agreement in question presents a comprehensive framework that addresses cooperation opportunities both in Türkiye and on an international scale, covering the development of existing fields, the joint evaluation of new exploration potentials, oil export capacity and natural gas transportation infrastructure," he added.
"We aim to place our long-standing TPAO-BP partnership on a stronger foundation in new geographies and new projects. Within this framework, we will evaluate joint projects that we can develop in regional countries, particularly Iraq, and in Central Asia," Bayraktar further said.
"Our most fundamental priority project is cooperation in Iraq. We are looking at cooperation in Iraq, especially in the Kirkuk fields," the minister was quoted as saying in a written statement shared by the ministry on Thursday.
The signing of the agreement comes just a week after the Turkish Petroleum Corporation signed a memorandum with U.S. major Chevron on possible energy cooperation. Earlier in January, TPAO also inked a memorandum with ExxonMobil covering new exploration areas in the Black Sea and Mediterranean.
It also comes a day after a subsidiary of TPAO was among the number of foreign companies awarded oil and gas exploration in Libya.
"Libya launched such an international tender for the first time in approximately 17 years. We submitted bids for two blocks, and we were awarded the license for both blocks. This time, we will be searching for natural gas and oil together with our Spanish partner, Repsol. Turkish Petroleum will have a 40% stake in these fields, both onshore and offshore. One of our partners in the offshore field is the Hungarian company MOL. We also have an important strategic cooperation with them," Bayraktar said of the tender.
"As of 2026, we are advancing TPAO to a new phase in exploration and production," Bayraktar also said on Thursday.
"Together with our projects in the Black Sea and Gabar, we will carry our production capacity further in line with our 2028 targets; (and) through our strategic partnerships abroad, we will support this growth on a global scale," he maintained.
"We are determined to move forward resolutely toward the goal of a stronger, more competitive Türkiye that is more effective on the international stage in energy," he also said.
The agreement with BP was described as an MoU for "strategic cooperation" in the oil and natural gas sector, according to the ministry release.
"Following its agreements with ExxonMobil on Jan. 8 and Chevron on Feb. 5, TPAO has added another collaboration to its portfolio of oil and natural gas exploration partnerships," the statement read.
Türkiye has pledged to boost exploration both at home and abroad in line with its vision of energy independence.
At the same time, Bayraktar also stated that another agreement is due to be signed next week.
"The other one is a different agreement; it will be a more concrete and clear partnership with a defined location and country. We plan to sign that one next week as well," he said.
