From Bulgaria to Iraq: Türkiye’s expanding upstream energy reach

Türkiye is extending its reach in the upstream energy sector, with recent moves indicating an expansion into new exploration frontiers in Bulgaria and Iraq. This strategic push underscores Türkiye's ambition to bolster its energy independence and influence in regional markets.

On July 31, the Bulgarian government approved the transfer of 33% of the rights and obligations related to the Khan Tervel offshore exploration license to Turkish Petroleum's overseas subsidiary. This development marks a significant step for Turkish energy companies operating beyond their national borders, tapping into new geological prospects in the Black Sea.

Simultaneously, Türkiye is deepening its engagement in Iraq's energy landscape. The cooperation aims to enhance energy security and potentially unlock new resources. These international ventures are crucial for Türkiye's long-term energy strategy, seeking to diversify supply sources and strengthen its position as a key energy transit hub.

The expansion into regions like Bulgaria and Iraq reflects a broader geopolitical and economic strategy. By securing exploration rights and participating in joint ventures, Türkiye aims to enhance its energy security, foster economic growth, and solidify its role in the global energy market. This proactive approach positions Türkiye as an increasingly important player in the upstream energy sector.