TPAO and Chevron Seal Strategic Energy Deal

Turkey’s state-owned energy giant Türkiye Petrolleri Anonim Ortaklığı (TPAO) has taken another significant step in its global expansion strategy by signing a memorandum of understanding with US-based energy major Chevron. The agreement sets the framework for joint exploration and production activities in potential oil and natural gas fields, marking a new phase in Turkey’s efforts to strengthen energy security and diversify upstream investments.

The memorandum was signed during a ceremony held in Istanbul, bringing together senior executives from both companies. TPAO General Manager Cem Erdem and Chevron’s Vice President for Corporate Business Development Frank Mount formalized the deal, while Turkey’s Minister of Energy and Natural Resources, Alparslan Bayraktar, attended the event and shared key insights into the broader implications of the partnership.

Expanding Exploration and Production Cooperation

Speaking at the signing ceremony, Minister Bayraktar emphasized that the agreement is designed to go beyond symbolic cooperation and instead focus on concrete upstream activities. “With this cooperation agreement, we will carry out joint exploration and production activities,” he said, underlining that the partnership is intended to deliver tangible results in the field.

The collaboration with Chevron is expected to leverage the technical expertise, international experience, and financial strength of one of the world’s largest energy companies, while allowing TPAO to deepen its know-how in complex exploration and production projects. This approach reflects a broader strategy in which Turkey seeks to combine domestic capabilities with global partnerships to accelerate energy development.

Domestic Production Continues Alongside Global Outreach

Minister Bayraktar noted that Turkey is simultaneously pursuing multiple tracks in its energy strategy. On the domestic front, intensive work continues to increase production in the Gabar region and in the Black Sea. These areas have become central to Turkey’s recent energy discoveries and are viewed as critical pillars for reducing dependence on imported hydrocarbons.

At the same time, TPAO is actively assessing opportunities abroad. According to Bayraktar, international expansion is no longer a secondary objective but a core component of the company’s long-term vision. By participating in projects across different geographies, TPAO aims to mitigate risk, access new reserves, and position itself as a more competitive global player in the upstream energy market.

New Projects Through Strategic Partnerships

Bayraktar highlighted that partnerships play a decisive role in this international growth strategy. He reminded attendees that an agreement signed with ExxonMobil last month has already entered an implementation phase, demonstrating the government’s commitment to turning high-level deals into operational projects.

In this context, the Chevron agreement represents another building block in a rapidly expanding network of international collaborations. Through such alliances, TPAO plans to explore new projects in diverse regions, sharing both risks and rewards with established global energy companies. This model is increasingly common in the industry, particularly as exploration targets become more technically demanding and capital intensive.

More International Agreements on the Horizon

Addressing questions about future partnerships, Minister Bayraktar signaled that additional announcements are imminent. He stated that negotiations with two other international companies are nearing completion and are expected to be finalized within the month. “We have reached the point of agreement with two separate international companies this month. We will share them with the public. With them, we will have signed more specific and clearly defined projects,” he said.

This statement suggests that Turkey’s energy diplomacy is accelerating, shifting from general cooperation frameworks to project-based agreements that deliver measurable outcomes. Such deals are likely to cover specific fields, regions, or technologies, providing greater clarity for investors and stakeholders.

Ambitious Growth Target: One Million Barrels

Minister Bayraktar also revealed an ambitious production goal that underscores the scale of TPAO’s aspirations. He stressed that the company has entered a new growth phase, with a clear objective for the coming years. “Our goal over the next few years is to become a company producing one million barrels,” he said.

Reaching this level of production would represent a transformative milestone for TPAO, significantly enhancing Turkey’s position in the global energy landscape. While the target is challenging, officials believe a combination of domestic discoveries, international projects, and strategic partnerships with companies such as Chevron will make it achievable.