Turkey is actively negotiating new oil and gas exploration deals in Bulgaria, Iraq, and Libya as part of a broader push to boost domestic production and strengthen its role as a regional energy hub, according to Energy Minister Alparslan Bayraktar.
State-owned energy company Turkiye Petrolleri AO (TPAO) is expected to sign an agreement within the coming month with an undisclosed foreign partner to conduct offshore exploration in Bulgaria’s section of the Black Sea, Bloomberg reported.
This would mark a significant step forward for Bulgaria’s energy diversification, following its 2023 decision to grant exploration rights to a subsidiary of Shell Plc.
In addition to Bulgaria, TPAO is also targeting exploration opportunities in Libya, Iraq, Azerbaijan, and Turkmenistan, Bayraktar added.
Libya Reopens for Investment
Libya—home to Africa’s largest oil reserves—is regaining interest from global energy companies after over a decade of instability.
The country’s National Oil Corporation (NOC) recently launched its first energy tender since 2007, showcasing the opportunity to investors at a roadshow in Istanbul, after similar events in London and Houston.
Major international firms including Eni (Italy), BP (UK), and Repsol (Spain) have already resumed operations in Libya. Turkey, seeking to expand its regional influence, is keen to join this resurgence.
A Strategic Push for Regional Energy Leadership
Turkey, which remains heavily dependent on imported oil and gas, is accelerating efforts to develop its own energy resources and leverage its geographical position between Europe and the Middle East. The government’s long-term goal is to establish the country as a key energy transit and trading hub.
As part of this ambition, Ankara is in discussions with Bulgaria to expand gas transit capacity at their shared border, aiming to increase supply flows into European markets.
In 2023, TPAO began gas production from a field in Turkey’s section of the Black Sea and is also conducting offshore surveys near Somalia, further reinforcing its growing upstream activities.
