The state-owned Turkish Petroleum Corporation (“Turkish Petroleum“, TPAO) is expanding its international presence – from onshore production to offshore exploration, after joining a large-scale oil project in the Iraqi region of Kirkuk and acquiring a new stake in an offshore block in the Bulgarian Black Sea, writes an extensive article published in the Turkish English-language publication “Daily Sabah“, prepared in cooperation with the Anadolu Agency, BTA reported.
The publication defines these actions as part of Ankara's strategy to expand the overseas activities of the Turkish Petroleum Corporation (TPAO) through partnerships with international energy companies, amid Turkey's aspirations to strengthen its energy security and build a larger global extraction portfolio.
Minister of Energy and Natural Resources Alparslan Bayraktar has repeatedly stated this year that Turkey aims to turn “Turkish Petroleum“ into a more significant energy producer, the publication writes.
According to this strategy, the company aims to reach an output of about 500,000 barrels of oil equivalent per day by 2028, and in the longer term - to increase production to 1 million barrels per day, the publication also states.
Specifically for the project in Bulgaria, it is noted that the entry of „Turkish Petroleum“ in Bulgaria becomes official after the decision of the Bulgarian Council of Ministers to approve last week the partnership agreement signed on February 18.
The approval gives „Turkish Petroleum“ a 33 percent share in the exploration license for block „Khan Tervel“ 1-26, located in Bulgaria's exclusive economic zone in the Black Sea. According to the agreement „Shell“ will be the operator of the project with a 42 percent stake, while OMV owns the remaining 25 percent.
"With an area of approximately 3,800 square kilometers, the block is located near the Turkish gas field “Sakariya“, where the largest natural gas discovery in Turkey's history was made,“ notes “Daily Sabah“.
The publication quoted the Turkish energy minister as saying that the first stage of the project will include seismic surveys carried out jointly with “Shell“, after which drilling will begin within the framework of the five-year exploration license.
“The project is expected to allow “Turkish Petroleum“ to use the experience gained in deep-sea exploration and production from the “Sakariya“ field, while expanding its offshore activities and strengthening technical cooperation with international energy companies,“ the article says.
The publication also mentions the oil corporation's partnership in the Iraqi city of Kirkuk, where “Turkish Petroleum“ acquired a 15 percent stake together with BP and ConocoPhillips in the consortium that develops local fields. “Daily Sabah“ adds that in addition to the projects in Bulgaria and Iraq, the Turkish Petroleum Corporation has expanded its cooperation with several of the world's largest energy companies this year, such as ExxonMobil, Chevron and TotalEnergies.
The English-language site quotes the opinions of experts who comment on the expansion of the Turkish Petroleum Corporation's international presence.
Osama Rizvi, an energy and economic analyst at the US-based Primary Vision Network, said that the expansion of the activities of “Turkish Petroleum“ in Bulgaria after the investment in Kirkuk strengthens Turkey's role beyond that of a traditional transit country for energy resources.
“This takes Turkey beyond its role as a transit route only. By acquiring stakes in extraction projects, Turkey gains revenues, supply opportunities and influence in the fields of exploration, production, pipelines, trade and processing. "This creates influence based on assets, not just its geographical location," Rizvi told Anadolu Agency.
Francesco Sassi, a postdoctoral fellow at the University of Oslo, says that in recent years, the Turkish Petroleum Corporation has significantly expanded its international activities and has become an increasingly important instrument of Turkish energy diplomacy.
“TPAO has become a significant player in Turkey's energy diplomacy - an important aspect of Ankara's increasingly ambitious foreign policy,” Sassi believes.
“Many of these developments suggest that Ankara's maritime ambitions - the concept of the “Blue Homeland“ (“Mavi Vatan“) - "are really related to energy interests and needs, along with Turkey's drive to expand its influence in the wider region," he added.
According to Sasi, future exploration and development projects in the Black Sea, especially those involving European energy companies, could further raise the international profile of the Turkish Petroleum Corporation while supporting Turkey's long-term energy goals.