Turkey has signed a memorandum of understanding with U.S. energy giant Chevron to explore potential cooperation in oil and natural gas exploration and production.
The agreement was signed in Istanbul between Turkish Petroleum Corp., widely known as TPAO, and Chevron. The memorandum outlines plans to evaluate joint projects both within Turkey and internationally, covering onshore and offshore exploration and broader energy-sector activities.
In a post on X following the signing ceremony, Turkey’s Energy Minister Alparslan Bayraktar said the partnership aims to support the country’s domestic and international energy ambitions. He noted that collaboration with Chevron would bolster ongoing work in Gabar and the Black Sea while advancing Turkey’s goal of transforming TPAO into a global energy player.
In Istanbul, a Memorandum of Understanding was signed between our national oil company TPAO and Chevron to evaluate potential collaborations in oil and natural gas exploration and production activities, and in the energy sector.
With this Memorandum of Understanding, we aim to… pic.twitter.com/dcAsHEqRT3
— Alparslan Bayraktar (@aBayraktar1) February 5, 2026
Bayraktar added that Ankara envisions increasing TPAO’s production capacity to 1 million barrels per day as part of that broader strategy.
Expanding International Energy Cooperation
According to Bloomberg the memorandum signals Turkey’s continued push to deepen ties with international energy companies as it seeks to expand domestic output and diversify partnerships.
Under the agreement, Chevron and TPAO will assess opportunities for joint oil and natural gas exploration and production projects in Turkey and abroad. The ministry said the companies will collaborate on both onshore and offshore activities.
Turkish officials indicated that additional international agreements are expected in the near future. Bayraktar said new partnerships would soon be announced and that concrete projects resulting from such collaborations would be shared with the public.
The Chevron agreement follows a similar memorandum signed last month between TPAO and a unit of Exxon Mobil Corp. for exploration activities in the Black Sea and the Mediterranean Sea.
As Chevron deepens its engagement with Turkey, the U.S. energy major is also advancing significant hydrocarbon exploration plans in Greece, further expanding its footprint across the Eastern Mediterranean.
New Milestone for Greek Hydrocarbons
Developments in Greece mark what officials describe as a new milestone in the country’s effort to explore and utilize its mineral wealth.
According to information reported by OT.gr, senior executives from Chevron are expected to arrive in Athens by Feb. 20 to sign concession agreements with the Greek state for hydrocarbon exploration and exploitation in four offshore blocks awarded to the company through an international tender.
The blocks are “South Peloponnese,” “A2,” “South of Crete I” and “South of Crete II.”
Sources say Environment and Energy Minister Stavros Papastavrou will represent the Greek government at a special event organized jointly with the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA). The contracts are expected to be submitted to Parliament for ratification shortly after signing.
Papastavrou has announced that Chevron aims to begin seismic survey procedures in the offshore blocks of the Peloponnese and Crete toward the end of 2026 or early 2027.
For the exploration of the four offshore areas, which together cover approximately 47,000 square kilometers, Chevron will partner with HELLENiQ ENERGY.
Sources: Bloomberg, ot.gr
