Turkey is Signing a Historic Agreement with BP: Energy Move

Important Step in Turkey's Energy Strategy

The Minister of Energy and Natural Resources Alparslan Bayraktar announced in an interview with Bloomberg that Turkey will sign an important oil and natural gas exploration agreement with British BP following the agreement made with American Chevron.

TPAO and BP Agreement

Bayraktar emphasized that the agreement between BP and TPAO (Turkish Petroleum Corporation) will be signed on Thursday in Istanbul. This step will pave the way for joint energy activities of the two companies worldwide. TPAO aims to reach a daily oil production capacity of 1 million barrels through international collaborations.

Significant Collaborations and Goals

Last week, a similar agreement was made with Chevron. Bayraktar stated that these collaborations will initially be conducted in countries such as Syria, Libya, Iraq, Kazakhstan, and Venezuela.

New Drilling Ships and Investments

TPAO signed a memorandum of understanding with ESSO Exploration International Limited, a subsidiary of ExxonMobil, for new exploration areas in the Black Sea and Mediterranean during the summer. Additionally, it announced plans to expand its special fleet of ships for offshore energy exploration activities.

Moreover, TPAO also announced plans to issue sukuk to secure $4 billion in funding.

Investor Profile in the Energy Field

In recent years, Turkey has been investing in deep-sea drilling in the Black Sea and Mediterranean, and as of today, it possesses a significant inventory of six drilling ships and two seismic research vessels.