BP has signed a strategic oil and gas cooperation agreement with Turkey's state-owned TPAO, becoming the third supermajor to do so this year following similar deals with ExxonMobil and Chevron. This agreement builds upon the companies' existing partnership in Azerbaijan's Caspian Sea oil and gas fields and their associated export pipelines.

Strategic Focus and Framework

The memorandum of understanding establishes a framework for joint work in developing upstream assets, evaluating exploration opportunities, and cooperating on international and regional oil and gas transport infrastructure. The initial geographical focus of the collaboration will be on Iraq, Libya, and Central Asia.

Key Projects and Priorities

According to the Turkish Energy Minister, the highest priority is cooperation in Iraq, specifically regarding Iraqi fields. The partnership is also considering joint projects in Libya and will evaluate different opportunities in Central Asia, Kazakhstan, and Azerbaijan. Concrete developments from this agreement are expected to be shared within the year, with potential news emerging as soon as the current month.

Broader Strategic Context

This series of agreements with international supermajors supports TPAO's longer-term strategy to double its oil and gas production. This growth target is aligned with the planned full development of its Sakarya gas complex in the Black Sea by 2028.