Turkish Petroleum, Chevron sign pact on oil, gas exploration

ISTANBUL

National energy company Turkish Petroleum (TPAO) and US oil giant Chevron have signed a memorandum of understanding to evaluate potential collaborations in oil and natural gas exploration and production, Türkiye’s energy and natural resources minister announced on Thursday.

"With this Memorandum of Understanding, we aim to develop joint projects both in Türkiye and on an international scale," Alparslan Bayraktar wrote on Turkish social media platform NSosyal.

Bayraktar said international initiatives would support ongoing work in the Gabar field in southeastern Türkiye and also in the Black Sea, while also contributing to Turkish Petroleum's goal of becoming a global company with a production capacity of 1 million barrels.

"We will soon sign new agreements for different international partnerships and share the concrete projects we have implemented with our nation," he added.

The agreement follows a previous memorandum of understanding between Turkish Petroleum and ExxonMobil subsidiary ESSO Exploration International Limited, covering new exploration areas in the Black Sea and the Mediterranean, as well as other potential regions.