Turkish Petroleum, BP explore joint projects in Iraq, Libya

Speaking after the signing ceremony in Istanbul, Bayraktar said cooperation in Iraq stands as the top priority under the new framework, News.Az reports, citing Anadolu.

“Our most fundamental priority project is cooperation in Iraq. We are looking at cooperation in Iraq, primarily in the Kirkuk fields,” he said, according to a statement from the ministry.

Libya is also under consideration for joint energy projects, Bayraktar noted.

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

The minister said the two companies would also explore potential collaboration in Kazakhstan and Azerbaijan as part of broader Central Asian energy initiatives. He indicated that more concrete developments related to these projects are expected to be announced within the year.

Bayraktar also revealed that a separate agreement is planned for 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 disclosing further details.

According to the ministry, the TPAO-bp memorandum sets out a framework for international and regional cooperation in developing oil and gas fields, assessing exploration opportunities, and expanding oil export capacity as well as natural gas transportation infrastructure.

Bayraktar stated that TPAO aims to reach production of approximately 500,000 barrels of oil and natural gas per day by 2028. The new agreement forms part of broader efforts to increase output to 1 million barrels per day in the longer term.

The deal follows earlier memorandums of understanding signed by TPAO with Chevron and ExxonMobil subsidiary ESSO Exploration International Limited. Those agreements covered new exploration areas in the Black Sea and the Mediterranean, along with other potential regions.