TPAO and BP Sign Oil and Gas Cooperation MoU for Iraq

By John Lee.

Turkish Petroleum (TPAO) and BP have signed a memorandum of understanding (MoU) on strategic cooperation in oil and natural gas.

The agreement was signed by TPAO General Manager Cem Erdem and BP Head of Global Oil and Gas Business Development Andrew McAuslan, in the presence of Turkey's Minister of Energy and Natural Resources Alparslan Bayraktar.

The MoU establishes a framework for cooperation covering:

• Development of oil and natural gas fields
• Assessment of areas with exploration potential
• Collaboration on oil export capacity
• Natural gas transport infrastructure at international and regional levels

The agreement follows recent exploration cooperation deals signed by TPAO with ExxonMobil on 8 January and Chevron on 5 February.

According to Minister Bayraktar, priority under the new framework will be given to potential cooperation in Iraq, particularly in Iraqi oil and gas fields.

He added that TPAO aims to reach production of approximately 500,000 barrels of oil and natural gas by 2028, with a longer-term target of increasing output to 1 million barrels.

Last year, BP signed a contract to develop four Kirkuk oilfields.

(Source: Turkish Ministry of Energy)

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