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Türkiye’s state-owned energy company TPAO and U.S.-based Chevron Corp., have signed an agreement to jointly explore for oil and natural gas in Türkiye and globally, the Energy and Natural Resources Ministry said.
The agreement will see Chevron and Turkish Petroleum Corporation (TPAO) collaborate on both onshore and offshore exploration and production activities, according to the ministry. The signing ceremony took place Thursday in Istanbul.
TPAO General Manager Cem Erdem and Chevron Vice President for Corporate Business Development Frank Mount signed the agreement on behalf of their companies.
Energy and Natural Resources Minister Alparslan Bayraktar said the agreement aims to evaluate potential cooperation primarily in oil and natural gas exploration and production, both in Türkiye and internationally.
In a social media post following the ceremony, Bayraktar said cooperation with Chevron could help TPAO eventually produce 1 million barrels of oil per day.
Bayraktar said TPAO is continuing intensive work to increase production in Gabar and in the Black Sea, while also assessing opportunities abroad.
The deal marks another step in growing cooperation between Turkish and U.S. energy companies, as Türkiye seeks to reduce its reliance on imported oil and natural gas, particularly from Russia, and strengthen ties with the United States.
Bloomberg reported in January that Türkiye was in talks with Chevron ahead of the agreement.
Last month, TPAO signed a separate memorandum of understanding with Exxon Mobil Corp unit Esso to conduct energy exploration in the Black Sea and the Mediterranean Sea.
Bayraktar said Türkiye is close to finalizing agreements with two additional international companies within the month, adding that those deals would include more specific and concrete projects and would be announced publicly once completed.
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