The Asian country of Turkey is looking to expand its energy exploration efforts, with plans for oil and gas projects in Bulgaria, Iraq, and Libya, according to Energy Minister Alparslan Bayraktar.
The country aims to increase its energy production both domestically and internationally to reduce its reliance on imports.
Bayraktar confirmed that state-run Turkiye Petrolleri AO (TPAO) is in discussions to sign an agreement with a foreign company for exploration in the Black Sea off the coast of Bulgaria.
The deal is expected to be finalised within the next month.
“This agreement will be significant for both Turkey and Bulgaria as it will expand energy exploration in the Black Sea region,” Bayraktar said during a statement in Giresun province.
The move comes after Bulgaria selected a Shell Plc subsidiary for exploration in the area late last year.
TPAO is also considering a venture in Libya, where the country’s National Oil Corporation recently launched its first exploration tender in over 17 years.
In addition to Bulgaria and Libya, TPAO has expressed interest in expanding operations in Iraq, Azerbaijan, and Turkmenistan.
As part of its broader energy strategy, Turkey has been focused on increasing its oil and gas production to meet growing demand, especially from the European Union and the Middle East.
“Our goal is to become a regional gas hub,” Bayraktar added, referencing ongoing talks with Bulgaria to boost gas transit capacity at their shared border. This initiative is expected to enhance the flow of gas into Europe.
TPAO has already made progress in its domestic exploration efforts, having begun gas production in the Black Sea in 2023.
The company is also conducting surveys off the coast of Somalia. While exploration agreements do not guarantee the discovery of commercial quantities of oil or gas, Turkey remains committed to securing new deals, as seen with agreements made in Pakistan and Hungary over the past year.
Last week, the National Oil Corporation of Libya presented its tender to potential investors in Istanbul, following similar roadshows in London and Houston, marking a new chapter in Libya’s energy exploration efforts.
