Turkish Petroleum

What Turkish Petroleum does

Turkish Petroleum (Türkiye Petrolleri Anonim Ortaklığı / TPAO) is the wholly state-owned national oil and gas company of the Republic of Turkey, established in 1954 by Law No. 6327 and headquartered in Ankara. The company conducts hydrocarbon exploration, drilling, production, and refining activities on behalf of the Turkish state, and accounts for approximately 80% of Turkey's domestic oil and natural gas production. TPAO operates across four primary business segments: Offshore (Black Sea, Mediterranean, Marmara), Onshore (Southeast Anatolia, Thrace), Unconventional (shale and tight gas via hydraulic fracturing), and International (production sharing agreements and concession blocks across Azerbaijan, Iraq, Kazakhstan, Libya, Somalia, Bulgaria, Pakistan, Oman, Hungary, Afghanistan, and Northern Cyprus).

TPAO's core assets include a fleet of six 7th-generation deepwater drilling vessels (Fatih, Yavuz, Kanuni, Abdülhamid Han, Çağrı Bey, Yıldırım) with 12,000-meter drilling capacity in water depths exceeding 3,480 meters, two seismic research vessels (Barbaros Hayreddin Paşa, Oruç Reis), Turkey's first floating production platform (Osman Gazi), and an ISO-certified R&D Center with 129 expert personnel and 27 laboratories. Major production assets include the Sakarya Gas Field in the Black Sea (540 Bm³ of gas discovered 2020-2022, currently producing 9.5 million m³/day targeting 40 million m³/day by 2028), the Gabar oil fields in Şırnak province (targeting 100,000 bpd), and the 2025 Göktepe-3 discovery (75 Bm³ of gas valued at approximately $30 billion). TPAO also holds material international stakes in Azerbaijan's ACG (5.73%) and Shahdeniz (19%) projects, the BTC pipeline (6.53%), and Iraqi production assets (Siba 40%, Badra 10%, Missan 15%).

Revenue is generated primarily through crude oil and natural gas production sales to BOTAŞ for domestic distribution, supplemented by international production sharing agreement revenues. The company reported approximately $3.4 billion in revenue in 2021 and $1.8 billion in 2020. TPAO is currently executing a national energy independence strategy targeting 500,000 bpd of total oil and gas production by 2028, with cooperation agreements signed in 2026 with Shell, BP, Chevron, and ExxonMobil supporting an aspirational 1 million bpd target. The company is overseen by Turkey's Ministry of Energy and Natural Resources and operates through wholly-owned subsidiaries including TPOC (overseas), TP-BTC, TP-SCP, and TP-OTC (offshore technology).

Name

Turkish Petroleum

Legal name

Türkiye Petrolleri Anonim Ortaklığı

Website

https://tpao.gov.tr

Company type

Private

Founded year

1954

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Turkish Petroleum (TPAO) is Turkey's state-owned national oil company, conducting hydrocarbon exploration, drilling, and production domestically (Sakarya, Gabar) and across 18+ countries, serving the Turkish government and BOTAŞ as primary off-takers.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas (National Oil Company)

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311), Drilling Oil & Gas Wells (1381), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

akta.pro secondary industries

Drilling & Workover Rigs (Land & Offshore) (EUALABAA), Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG), Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management) (EUAAAAAM)

Keywords

• Upstream oil gas
• Hydrocarbon exploration
• Deepwater drilling
• Natural gas production
• National oil company

Headquarters

HQ city

Ankara

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Oil and Gas Production Sales: Revenue from sale of produced crude oil and natural gas from domestic and international fields. Includes Sakarya Gas Field production sold to BOTAŞ, Gabar oil field production, and international production from Azerbaijan (ACG, Shahdeniz), Iraq (Siba, Badra, Missan), and other fields.
2. Hydrogenated Hydrocarbon Processing: Revenue from refinery operations processing crude oil into petroleum products (historical, now restructured)
3. Joint Venture Participation: Revenue from equity stakes in international production sharing agreements (ACG project 5.73%, Shahdeniz 19%, BTC Co. 6.53%)

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Türkiye Petrolleri Anonim Ortaklığı (TPAO) is Turkey's state-owned national oil company conducting hydrocarbon exploration, drilling, and production across offshore (Black Sea, Mediterranean, Marmara), onshore (Southeast Anatolia, Thrace), and unconventional plays, alongside an international upstream portfolio via JVs with supermajors. Its core output is crude oil and natural gas from domestic fields — led by the Sakarya Gas Field in the Western Black Sea and the Gabar oil fields in Şırnak — sold to BOTAŞ for national distribution and exported via BTC and TANAP pipelines.

Product overview

Turkish Petroleum Anonim Ortaklığı (TPAO) is Turkey's national oil and gas exploration and production company operating as a single integrated entity rather than a modular platform. The company operates four primary business segments: Offshore (deniz) operations in the Black Sea, Mediterranean, and Marmara Sea; Onshore (kara) operations across Southeast Anatolia, Thrace, and other regions; Unconventional (ankonvansiyonel) extraction including shale oil and tight gas; and International (yurt dışı) projects spanning Azerbaijan, Iraq, Libya, Somalia, Pakistan, Bulgaria, and other countries. TPAO's core assets include a fleet of six deepwater drilling vessels (Fatih, Yavuz, Kanuni, Abdülhamid Han, Çağrı Bey, Yıldırım), two seismic research vessels (Barbaros Hayreddin Paşa, Oruç Reis), and Turkey's first floating production platform (Osman Gazi). Key domestic projects include the Sakarya Gas Field Development Project in the Black Sea with major gas discoveries at Tuna-1, Göktepe-3, and other wells, and the Gabar Oil Fields in Şırnak province. The company also holds significant international stakes in the Azeri-Çırak-Güneşli (ACG) and Şahdeniz projects in Azerbaijan, and operates production assets in Iraq, while expanding into new frontiers including Somalia offshore drilling and Bulgaria Black Sea exploration.

Differentiator

Problem solved

Functional benefit

Products and services

• Sakarya Gas Field Development Project Major natural gas development project in the Western Black Sea discovered 2020–2022 (Tuna-1 and follow-on wells), supplying gas to BOTAŞ for the national grid via subsea infrastructure connected to the TANAP/TurkStream system; output will meet a quarter of Turkey's household gas demand at full ramp.
• Gabar Oil Fields (Şırnak) Onshore oil production complex in Şırnak province, southeast Turkey — comprising the Şehit Esma Çevik-1 and Şehit Aybüge Yalçın-1 fields with 1 billion barrels of oil initially in place, currently producing 61,000 bpd and targeting 100,000 bpd.
• Göktepe-3 Exploration Well Major Western Black Sea offshore gas discovery of 75 billion cubic meters made by the Abdülhamid Han drillship in 49 days, with economic value estimated at approximately $30 billion.
• Azeri-Çıraq-Güneşli (ACG) Project Caspian Sea offshore oil production; TPAO holds 5.73% stake, with production piped to Ceyhan via BTC for global tanker export.
• Shahdeniz Project South Caspian Sea natural gas field with first gas in 2007; TPAO holds 19% via TPOC, with output exported through TANAP and TAP to European markets.
• Siba Gas Field (Iraq) Iraqi natural gas development producing approximately 40 MMscf/day plus 10,400 bpd of condensate and LPG; TPAO holds 40% via TPOC.
• Badra Oil Field (Iraq) Iraq oil and gas development operating 22 production wells; TPAO holds 10% via TPOC.
• Missan Oil Fields (Iraq) Iraq oil field technical service contract producing on a 154-well basis with a target of 300,000 bpd; TPAO holds 15% via TPOC.
• Somalia Offshore Hydrocarbon Exploration Ultra-deepwater exploration campaign off Somalia under a 2024 partnership agreement; drilling in 3,480 m water depth via the Çağrı Bey drillship, planned to span 6–9 months with Turkey recovering up to 90% of costs before profit-sharing.
• Khan Tervel Block (Bulgaria, Black Sea) Black Sea offshore exploration block in Bulgaria's EEZ (Block 1-26) covering about 3,800 sq km; TPAO holds 33% in a Shell-operated consortium with OMV Petrom, with seismic operations and planned exploration drilling under a five-year license.
• Oman Block 80 (Bukha and West Bukha fields) Oman upstream concession covering 5,737 sq km in the Musandam Governorate including the producing Bukha and West Bukha fields; TPAO holds 50% with OQEP as operator.
• Unconventional Hydrocarbon Production Services Shale oil and gas exploration and production using hydraulic fracturing (fracking) across Southeast Anatolia and Thrace, with technology transfer from Continental Resources at Diyarbakır Basin.

Quantifiable outcome

• Sakarya Gas Field Phase 1 production meeting needs of 4+ million households
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature7 records

Partnerships

19 partnerships are on record, tiered core, minor and major.

• OQ Exploration and Production (OQEP)coreStrategic or Co-development Partner · 24 June 2026Concession agreement for Oman Block 80 covering 5,737 sq km in Musandam Governorate. Includes producing Bukha and West Bukha fields. OQEP operates with 50% stake, TPAO/TPOC 50%. Two four-year exploration phases with $60M and $30M mandatory investments.
• OMV PetromminorStrategic or Co-development Partner · 1 March 2026Joined Shell's Han Tervel block exploration in southern Black Sea. Consortium: Shell 42%, TPAO 33%, OMV Petrom 25%. Pending Bulgarian government approval.
• ShellcoreStrategic or Co-development Partner · 18 February 2026Partnership agreement for Khan Tervel Block 1-26 exploration in Bulgaria's Black Sea exclusive economic zone. Approximately 3,800 sq km license area. Five-year seismic operations with exploratory drilling planned. TPAO stake through Shell-operated consortium (42% Shell, 33% TPAO, 25% OMV Petrom). Builds on 2024 cooperation between companies.
• ShellcoreStrategic or Co-development Partner · 18 February 2026Shell signed cooperation deal with TPAO for deepwater exploration license in Black Sea offshore Bulgaria, becoming fourth supermajor to partner with TPAO.
• BPcoreStrategic or Co-development Partner · 12 February 2026MoU signed in Istanbul for cooperation on oil and natural gas exploration in Black Sea and internationally, including field development, export capacity, and natural gas transportation. Priority cooperation planned in Iraq's Kirkuk fields and Central Asia. Framework for production increase to 500,000 bpd by 2028.
• ChevroncoreStrategic or Co-development Partner · 6 February 2026MoU signed in Istanbul for oil and gas exploration cooperation in international projects and Turkish onshore/offshore license areas. Part of Turkey's effort to reduce import reliance. Energy Minister indicated cooperation could help TPAO produce 1 million bpd.
• ExxonMobil (ESSO Exploration)coreStrategic or Co-development Partner · 8 January 2026MoU signed January 8, 2026 for oil and natural gas exploration collaboration in Black Sea and Mediterranean regions. Potential joint ventures in other international areas. Combines TPAO's deepwater expertise with ExxonMobil's global experience.
• Trillion EnergyminorStrategic or Co-development Partner · 1 January 2026TPAO holds 51% and operates South Akcakoca Sub-Basin (SASB) natural gas project in Black Sea. Trillion Energy seeking buyers for its 49% working interest. Separate agreement for Trillion to acquire 29% in M47 Block through $15M investment.
• Pakistan Petroleum Limited (PPL)majorStrategic or Co-development Partner · 1 December 2025Exploration partnership covering three offshore and two onshore concessions in Pakistan. Eastern Offshore Indus Block C: TPOC operates with 25% stake, PPL 35%, OGDCL and Mari Energies 20% each. Minimum work commitment of $3.45 million.
• KazMunayGas (Kazakhstan)coreStrategic or Co-development Partner · 29 July 2025Strategic cooperation agreement signed under Turkish and Kazakh Presidents. Covers joint energy projects development in Kazakhstan, Turkey, and third countries. Aimed at expanding mutual energy capacity and regional energy security.
• HAVELSANcoreTechnology or Integration · 1 July 2025AI-Supported Formation Detection Project signed at IDEF 2025. Machine learning for rock sample analysis and formation prediction using domestic imaging technology. First results promising. Strategic cooperation combining defense and energy technology expertise.
• SOCAR (Azerbaijan State Oil Company)coreStrategic or Co-development Partner · 1 June 2025Production Sharing Agreement signed for Shafak-Asiman field in Caspian Sea with BP and SOCAR. TPAO holds 30% stake. Building on long-standing Azerbaijan cooperation.
• MOL Group (Hungary)coreStrategic or Co-development Partner · 2 May 2025TPAO's first European upstream investment. Agreement for Buzsak and Tamasi blocks in southwest Hungary. Concession agreement signed for petroleum and natural gas exploration and production. TPAO's first European entry.
• Continental Resources (USA)majorStrategic or Co-development Partner · 1 March 2025Joint Venture Agreement signed at CERAWeek 2025 for unconventional oil and gas resource development in Diyarbakır Basin. Includes technical knowledge transfer and local workforce training. USA's largest oil producer.
• TransAtlantic Petroleum (USA)majorStrategic or Co-development Partner · 1 March 2025Joint Venture Agreement for Diyarbakır Basin unconventional resources. 17 years of Turkey operations experience.
• RepsolmajorStrategic or Co-development Partner · 1 January 2025Exploration and production sharing agreement signed through Libya's 2025 bid round. First major licensing push in 17 years for Libya.
• MOL GroupmajorStrategic or Co-development Partner · 1 January 2025MOL Group partnered with TPAO and Repsol in Libya offshore exploration through 2025 bid round.
• Somalia GovernmentcoreStrategic or Co-development Partner · 1 March 2024Hydrocarbon cooperation agreement granting TPAO exploration rights in Somalia offshore waters. Ultra-deepwater drilling operations with Cagri Bey drillship commencing February 15, 2026. Turkey recovers up to 90% of operational costs before profit sharing.
• BP (Shahdeniz/South Caucasus Pipeline)coreStrategic or Co-development PartnerLong-standing partnership in Shahdeniz gas field (19% stake) and South Caucasus Pipeline. Gas exported via TANAP and TAP to European markets.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• SOCAR (State Oil Company of Azerbaijan Republic): SOCAR is Azerbaijan's national oil company and a direct regional peer to TPAO. Both are state-owned upstream operators with Caspian acreage, and SOCAR is TPAO's co-venturer in the Shafak-Asiman field and South Caucasus Pipeline alongside BP — making the two companies comparable in business model, geography, and partnership profile.
• KazMunayGas: KazMunayGas is Kazakhstan's national oil and gas company and a direct peer to TPAO. The two signed a strategic cooperation agreement in July 2025 covering joint exploration in Kazakhstan, Turkey, and third countries — making them comparable as state-owned upstream operators with growing international footprints in the broader Caspian/Central Asia region.
• Petrobras: Petrobras is Brazil's state-controlled national oil company and a comparable peer due to its integrated upstream model with deepwater and ultra-deepwater offshore production as a core competency. Like TPAO, Petrobras operates a proprietary deepwater drilling fleet and has driven its country's transition toward greater domestic energy production.
• Oil and Natural Gas Corporation (ONGC): ONGC is India's state-owned national oil company and a direct peer to TPAO given its integrated upstream E&P operations including offshore deepwater activities. Both companies share the mandate of supporting domestic energy security while pursuing international upstream expansion through joint ventures with IOCs.
• MOL Group: MOL Group is Hungary's national oil and gas company and a direct peer to TPAO, with the two having signed a 2025 concession agreement for the Buzsak and Tamasi blocks in southwest Hungary — TPAO's first European upstream investment. Both are regional state-affiliated upstream operators pursuing cross-border acreage.
• ADNOC (Abu Dhabi National Oil Company): ADNOC is the UAE's national oil company and a comparable peer to TPAO as a state-owned integrated upstream operator pursuing aggressive production growth, international partnerships with supermajors, and expansion into unconventional and deepwater plays. Both companies operate under national energy security mandates with government capital backing.
• QatarEnergy: QatarEnergy is Qatar's national oil and gas company and a comparable peer to TPAO as a state-owned upstream operator with significant LNG/gas development ambitions, government backing, and an increasing focus on international upstream partnerships — sharing a similar capital-intensive national champion model.
• OMV Petrom: OMV Petrom is Romania's largest oil and gas company and a direct peer, having joined the Shell-TPAO consortium for the Han Tervel block in Bulgaria's Black Sea (Shell 42%, TPAO 33%, OMV Petrom 25%). Both companies are state-affiliated regional upstream operators pursuing Black Sea exploration acreage.

Broad incumbents

• Equinor: Equinor is Norway's state-controlled national oil company and a broad incumbent peer to TPAO. Both operate major deepwater and ultra-deepwater offshore portfolios; however, Equinor is significantly larger, publicly listed, and offers broader downstream and renewables exposure compared to TPAO's pure upstream focus.
• Saudi Aramco: Saudi Aramco is the world's largest national oil company and a broad incumbent peer given its state-owned integrated upstream model and partnership-based international expansion strategy. It dwarfs TPAO in scale but shares the structural attributes of government-backed reserves, supermajor partnerships, and a national energy security mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/trpetrolleri

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turkish Petroleum