Global Energy Exploration Agreement between TPAO and Chevron

Historic Cooperation Between TPAO and Chevron

TPAO General Manager Cem Erdem and Chemron Corporate Business Development Chief Frank Mount signed an important agreement at a ceremony held in Istanbul. The ceremony was also attended by the Minister of Energy and Natural Resources Alparslan Bayraktar. This agreement anticipates joint exploration and production activities in both onshore and offshore areas at an international level for both companies.

Future Goals and Efforts to Reduce Import Dependency

After the agreement, Bayraktar stated that they aim to transform TPAO into a company producing 1 million barrels of oil per day. In recent years, Turkey has been continuing its efforts to reduce dependence on imported oil and gas by increasing domestic production and expanding TPAO's overseas activities.

Developing Energy Fleet and Investments

TPAO is expanding its fleet of specialized vessels for offshore energy exploration activities. It recently announced plans to raise 4 billion dollars through a sukuk issuance. In recent years, Turkey has been investing in deep sea drilling in the Black Sea and Mediterranean regions and currently has 6 drilling ships and 2 seismic research vessels in its inventory.

International Collaborations and Future Projects

In the summer, TPAO signed a memorandum of understanding with ExxonMobil’s subsidiary ESSO Exploration International Limited to identify new exploration areas in the Black Sea and Mediterranean. Such collaborations are part of TPAO’s objective to become more active in the international arena.