Turkey is in discussions to explore oil and gas in Bulgaria, Iraq, and Libya, according to Energy Minister Alparslan Bayraktar. State-run Turkiye Petrolleri AO (TPAO) is expected to sign an agreement with a foreign company to explore the Black Sea off Bulgaria’s coast.
TPAO is also exploring opportunities in Libya, which recently launched its first exploration tender in 17 years, as well as in Iraq, Azerbaijan, and Turkmenistan.
Turkey, heavily reliant on imported oil and gas, aims to increase domestic and international production. The country seeks to become a gas hub for Europe and the Middle East, with ongoing talks with Bulgaria to boost gas transit capacity. TPAO began gas production in the Black Sea in 2023 and is conducting surveys off Somalia.
Despite the uncertainty of exploration deals, Turkey continues to expand its reach, having signed agreements with Pakistan and Hungary in the past year.Libya’s National Oil Corporation held a roadshow in Istanbul last Thursday, presenting its tender to potential investors, following similar events in London and Houston.
