TP was founded in 1954 by Law No. 6327 with the responsibility of being involved in hydrocarbon exploration, drilling, production, refinery and marketing activities as Turkey's national company.
Being an important actor of the national economy, TP achieved many “firsts” of the Turkish oil industry in the past. The Company, its history reaching back over a half century, has given rise to
seventeen major companies, including PETKİM, TÜPRAŞ and POAŞ to Turkey.
Until 1983, as an integrated oil company, it was engaged in all the activity fields of oil industry from exploration to production, refinery, marketing and transportation. Today, TP is a national oil company involved in merely upstream (exploration, drilling, well completion and production) sector.