Turkish energy company in exploration talks with Chevron

Turkish national energy company TPAO is reportedly holding talks with US oil major Chevron to explore jointly for oil and gas.

TPAO will work with Chevron on seismic studies and drilling, Bloomberg reported, quoting an unidentified Turkish government official. 

No details were given on possible concession areas.

The potential deal follows an agreement by TPAO and US-based ExxonMobil Corp this month for joint exploration in the Black Sea and the Mediterranean.

Chevron has a diverse exploration and production portfolio globally and continues to assess potential opportunities, a spokesperson told the new agency.  

In April 2025, Iraq’s oil ministry signed an agreement with Chevron to develop the Nassiriya oilfield, comprising four exploration blocks.

Syrian President Ahmed al-Sharaa met delegations from Chevron in December to discuss cooperation in oil and gas exploration.

TPAO was reportedly planning to raise $4 billion through a sukuk (Islamic bond) before the end of 2025 to expand its production capacity.  

Further reading:

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• Turkey imports crude from Brazil after Russian oil ban
• Turkey gets $200m loan to support energy transition