Chevron and Turkey sign deal to jointly explore for oil and gas

Turkey signed a deal with Chevron Corp. on Thursday to jointly explore for oil and gas around the world, according to the country’s energy ministry.

The agreement between Chevron and state-run Turkish Petroleum Corp (TPAO) will involve collaboration on both onshore and offshore exploration and production activities.

Bloomberg had reported in January that Turkey was in talks with Chevron in preparation for this agreement.

This deal represents the latest example of growing cooperation between Turkish and US energy companies. Turkey is seeking to reduce its dependence on imported oil and natural gas, particularly from Russia, while also strengthening ties with its longtime ally, the United States.

Energy Minister Alparslan Bayraktar stated in a social media post following the signing ceremony in Istanbul that cooperation with Chevron could help TPAO eventually reach production levels of 1 million barrels of oil per day.