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Türkiye's state energy company is negotiating with Chevron Corp. to jointly explore for oil and gas deposits, according to what a Turkish official familiar with the discussions told Bloomberg.
Turkish Petroleum Corp., known as TPAO, would collaborate with Chevron on seismic studies and drilling operations, said the official, who requested anonymity because the negotiations are confidential.
The potential partnership represents the latest effort by Ankara to increase domestic energy production and comes during a broader improvement in U.S.-Turkish relations. The talks follow a January agreement between TPAO and Exxon Mobil Corp. for joint exploration in the Black Sea and Mediterranean.
A Chevron spokesperson told Bloomberg that the company "has a diverse exploration and production portfolio globally and continues to assess potential opportunities," but added that "as a matter of policy, we do not comment on commercial matters."
The specific projects the companies might work on together have not been disclosed. TPAO currently operates in the Black Sea, Iraq, Russia and Somalia, and has previously conducted drilling operations in the eastern Mediterranean, where Chevron operates fields in Israeli and Cypriot waters.
In recent years, Ankara has pursued strategies to reduce its nearly complete reliance on imported oil and gas by boosting domestic production and expanding TPAO's international operations. The state energy firm has grown its fleet of specialized vessels for offshore energy exploration and recently announced plans to raise up to $4 billion through its first Islamic debt sale.
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