Türkiye’s national energy company, TPAO, has struck a new cooperation deal with U.S. energy giant Chevron, signing a memorandum of understanding to explore joint oil and gas exploration and production opportunities, the Turkish Energy and Natural Resources Ministry announced on Thursday.
Writing on Türkiye’s NSosyal social media platform, Energy Minister Alparslan Bayraktar said the landmark agreement was aimed at developing joint energy projects “both in Türkiye and on an international scale”.
Bayraktar added that the freshly signed deal would allow the two companies to collaborate closely in both onshore and offshore exploration and oil and gas production activities.
According to the minister, planned projects overseas will serve to complement Türkiye’s current operations in both the Black Sea and in the country’s southeast, furthering TPAO’s longstanding goal of achieving a total production capacity of 1 million barrels of oil per day.
Boosting efficiency
Bayraktar also noted that Ankara hopes to sign additional cooperation agreements with other international energy partners.
Last month, TPAO signed a similar memorandum of understanding with a unit of Exxonmobil covering new exploration areas in both the Black Sea and Mediterranean region, along with other potentially lucrative areas.
At the time, Bayraktar said that the deal, signed with Exxonmobil’s ESSO Exploration International Limited, was aimed at boosting operational efficiency and paving the way for fresh oil and gas finds.
Speaking on Thursday, the energy minister said Türkiye would, “soon sign new agreements for different international partnerships and share the concrete projects we have implemented with our nation.”
The new deal with Chevron is the latest example of stepped-up cooperation between Turkish and U.S. energy firms, as Ankara seeks to reduce its reliance on energy imports and bolster ties with the United States, a fellow member of the NATO alliance.
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