Turkish Petroleum

The Turkey Wealth Fund (TWF) acquired all shares of public insurance companies for 6.54 billion Turkish liras ($936.7 million) to consolidate them under a single roof, the fund said late on April 22.  

Under the new legislation, the (TWF) will now be able to buy or to become partners with companies facing difficulty due to the coronavirus pandemic.

Turkey's Parliament on April 16 passed the bill prepared by the ruling Justice and Development (AK) Party to cushion the virus' impact on economic and social life.

Nicosia on Thursday rejected a call by Ankara for a halt to drilling activities off the island's south as a precondition for it to stop its own activities off the divided island. 

Turkey's ongoing survey and drilling activities off Cyprus aim at protecting the rights of Turkish Cypriots, a foreign ministry spokesman said Thursday, adding that "until these rights are guaranteed, Turkish Petroleum will continue to operate" in the areas licensed by the breakaway state.

Turkey announced on Jan. 19 that it has dispatched its drillship, Yavuz, to conduct hydrocarbon exploration works in the block "G" licensed by Turkish Cypriot in the south of the island.

Genel Energy, chaired by former BP head Tony Hayward, is betting on a major deal with Turkey to jointly develop gas fields in Kurdistan Regional Government (KRG) which will help Ankara reduce its reliance on Russian supplies after relations soured with Moscow.

Turkey's state-run energy company, Turkish Petroleum (TP), has invested over $1 billion abroad so far and plans to invest a further $2.3 billion, said the company's chief, adding TP's priority was ongoing investments in the Shahdeniz fields and in Iraq.

Shell Upstream Turkey and Turkish Petroleum will conduct oil-and-gas explorations in the western Black Sea in 2015, a research report has revealed.