Third Agreement from Turkish Petroleum with BP

TPAO added a new one to the collaborations it developed on oil and natural gas exploration after agreements with Exxonmobil on January 8 and Chevron on February 5. TPAO and British energy company BP signed a memorandum of understanding for strategic cooperation in the field of oil and natural gas. TPAO General Manager Cem Erdem and BP Head of Global Oil and Gas Business Development Andrew McAuslan signed the memorandum of understanding.

International and Regional Cooperation

The memorandum of understanding, accompanied by the Minister of Energy and Natural Resources Alparslan Bayraktar, reveals a framework for the development of oil and natural gas fields, the evaluation of areas with exploration potential, and cooperation at international and regional levels on oil export capacity and natural gas transport infrastructure.

The Goal Of Increasing Production

Minister Bayraktar made evaluations about the agreement after the signing ceremony. Pointing out that in 2028, TPAO will become a company that produces approximately 500 thousand barrels of oil and natural gas, Minister Bayraktar said that they took these steps with the goal of increasing the production in question to 1 million barrels.

Iraq Fields

Reminding that Türkiye Petrolleri and BP have cooperated before, Bayraktar said that they want to take this cooperation to different fields and different countries with the memorandum of understanding signed today. Minister Bayraktar said, "Our most basic and priority project here is cooperation in Iraq. Again, one of our common topics is Libya. We are considering cooperation in Libya. We will also evaluate these collaborations in terms of different projects in Central Asia, Kazakhstan and Azerbaijan. I believe that we will share the concrete developments about them with our public this year."

New Deal On The Way

Stating that they will sign another agreement next week, Bayraktar said, "The other is a different agreement; we will make a more concrete and clear partnership, a certain place and country. We plan to sign it next week," he said.

License in 2 Blocks in Libya

Reminding that TPAO won the right to obtain a license in two blocks, one at sea and one on land, in the tender held in Libya yesterday, Minister Bayraktar said, "Libya went to such an international tender for the first time in about 17 years. We made an offer in two blocks, we were entitled to receive this license in both blocks. This time, we will search for natural gas and oil with our Spanish partner Repsol. Turkish Oil will be a 40 percent partner in these fields both on land and at sea. One of our partners in the field at sea is the Hungarian MOL company. We also have an important strategic cooperation with them. We are taking steps as a requirement of our 'growth strategy outside'. We will achieve this goal with projects that we will develop more strongly in the coming period."