Türkiye's TPAO, ExxonMobil Sign MoU on Energy Exploration

Türkiye’s state energy company, the Turkish Petroleum Corporation (TPAO), has signed an agreement with a subsidiary of U.S. oil and gas major ExxonMobil covering new exploration areas in the Black Sea and the Mediterranean.

"A Memorandum of Understanding (MoU) in the oil and natural gas sector has been signed between our national oil company, TPAO, and ExxonMobil's affiliate ESSO Exploration International Limited, covering new exploration areas in the Black Sea and Mediterranean, as well as other potential international areas to be mutually agreed upon," Energy and Natural Resources Minister Alparslan Bayraktar said in a statement on X, The Caspian Post reports, citing Turkish media.

"By combining technical capabilities in deep-sea exploration and drilling together with ExxonMobil's international experience, we aim to enhance our operational effectiveness and pave the way for new discoveries," he added.

Recalling the goal of an energy-independent Türkiye, the minister said they are strengthening their institutional capacity "through international collaborations and advancing toward becoming an energy hub for our region."

TPAO General Manager Cem Erdem and ExxonMobil Vice President John Ardill signed the agreement at a ceremony held in Istanbul.

Türkiye's state pipeline operator BOTAŞ earlier in 2024 also signed an agreement with ExxonMobil for the supply of liquified natural gas (LNG).

Ankara has bolstered efforts for exploration and domestic production of both natural gas and oil in recent years, mainly through its flagship Sakarya gas field and Gabar in the southeast of the country. It also worked on international cooperation and secured multiple LNG supply deals from different sources.