Turkish Petroleum to develop Kazakh oil fields under new bilateral agreement

Turkish Petroleum, Türkiye’s state-owned oil and gas company, is set to take part in the development of hydrocarbon fields in Kazakhstan, marking a significant step in expanding bilateral energy cooperation between the two countries.

The announcement was made by Kazakhstan’s Minister of Energy, Almassadam Satkaliyev, during a press briefing, Caliber.Az reports per Kazakh media.

He confirmed that the partnership stems from a memorandum of cooperation signed during the official visit of Kazakh President to Türkiye.

The agreement, signed between Kazakhstan’s national oil and gas company, KazMunayGas JSC, and Turkish Petroleum, outlines strategic collaboration in the exploration and development of oil and gas fields across Kazakhstan. Discussions are currently underway to define the terms of Turkish Petroleum’s involvement, including the specific locations and conditions for potential investments.

“This memorandum lays the foundation for a multifaceted energy partnership, encompassing both traditional hydrocarbons and emerging sectors such as renewables and power generation,” Satkaliyev stated.

Beyond oil and gas exploration, the memorandum also envisions joint efforts in advancing renewable energy initiatives, with both sides expressing interest in diversifying energy portfolios and fostering sustainable development.

By Vafa Guliyeva