Turkey is in negotiations to explore oil and gas opportunities in Bulgaria and is also planning similar activities in Iraq and Libya.
- Turkey is in negotiations to explore oil and gas opportunities in Bulgaria, Iraq, and Libya.
- Libya and Iraq are also targeted for exploration opportunities by TPAO.
- Libya recently launched its first energy tender in over 17 years, attracting international companies like Eni, BP, and Repsol.
Turkey is in negotiations to explore oil and gas opportunities in Bulgaria and is also planning similar activities in Iraq and Libya, according to Energy Minister Alparslan Bayraktar.
State-owned energy company Turkiye Petrolleri AO (TPAO) is expected to sign an agreement within the next month with an unnamed foreign partner to conduct exploration in Bulgaria’s section of the Black Sea, according to Bloomberg.
This move would expand Bulgaria’s recent regional efforts, following its decision last year to grant exploration rights to a Shell Plc subsidiary.
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In addition to Bulgaria, TPAO is eyeing exploration opportunities in Libya, which recently launched its first energy tender in close to two decades, as well as in Iraq, Azerbaijan, and Turkmenistan, Bayraktar added.
Libya reopens for business as global energy players return
After more than a decade of instability, Libya is attracting renewed interest from international oil majors, and Turkey is looking to join the action.
Libya, home to Africa’s largest oil reserves, last held a tender in 2007, before the 2011 uprising that overthrew longtime leader Moammar Al Qaddafi, leading to years of turmoil.
Libya’s National Oil Corp. showcased its exploration tender to investors in Istanbul last Thursday, following previous roadshows in London and Houston, highlighting the city’s growing role in regional energy diplomacy.
Italy’s Eni, the UK’s BP, and Spain’s Repsol are among the companies that have begun drilling operations in Libya.
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Ankara pushes to become regional gas hub
Turkey, which remains heavily dependent on imported oil and gas, has intensified efforts in recent years to boost domestic and international energy production.
The country aims to capitalize on its strategic location by becoming a regional gas hub, serving both the European Union and the Middle East.
As part of this ambition, Ankara is in discussions with Bulgaria to expand gas transit capacity at their shared border, in a bid to increase supply flows into Europe.
In 2023, state-run Turkiye Petrolleri AO (TPAO) began gas production from a field in Turkey’s section of the Black Sea and is currently conducting offshore surveys near Somalia.
