Chevron, Turkey sign global oil and gas exploration agreement with TPAO

(Bloomberg) – Turkey signed a deal with Chevron on Thursday to jointly explore for oil and gas around the world, the country’s energy ministry said.

The agreement between Chevron and state-run Turkish Petroleum Corp, known by its initials TPAO, will see the companies collaborate on onshore and offshore exploration and production activities, the ministry said. 

The deal is the latest instance of increased cooperation between Turkish and US energy companies, as Turkey looks to reduce its reliance on imported oil and natural gas — especially from Russia — and improve ties between the longtime allies.

Cooperation with Chevron could help TPAO eventually produce 1 MMbpd, Energy Minister Alparslan Bayraktar said in a social media post after the signing ceremony in Istanbul.

Last month, TPAO signed a memorandum of understanding with ExxonMobil unit Esso to conduct energy exploration in the Black Sea and Mediterranean Sea.