Turkey’s state-owned energy company, Turkish Petroleum Corp (TPAO), is in advanced discussions with American energy giant Chevron for joint oil and gas exploration, according to a Bloomberg report citing a Turkish official familiar with the matter.
The proposed partnership would see the two companies collaborate on seismic studies and drilling operations. The talks follow a similar agreement reached with Exxon Mobil in January for exploration in the Black Sea and the Mediterranean, signalling a broader warming of diplomatic and commercial ties between the United States and Turkey.
The potential deal comes as TPAO expands its offshore capabilities and global footprint. The state firm has recently grown its fleet of specialised deep-water drilling vessels and announced plans to raise up to $4 billion through its inaugural Islamic debt sale to fund its expansion.
While the specific locations for the TPAO-Chevron collaboration remain undisclosed, TPAO is already active in Iraq, Russia, and Somalia—where its newest vessel, the Cagri Bey, is slated to begin drilling this spring—and has previously conducted controversial drilling operations in the Eastern Mediterranean.
The involvement of Chevron is sensitive for Nicosia, as the US major is a primary operator of the “Aphrodite” gas field within the Republic of Cyprus’s Exclusive Economic Zone (EEZ), as well as having assets in Israeli waters.
Turkish Minister of Energy Alparslan Bayraktar said that domestic production is a matter of national security, aiming to shield the Turkish economy from volatile global energy prices.
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