Chevron and TPAO set their cap on oil & gas exploration in Black Sea

Chevron and Türkiye Petrolleri A.O. (TPAO) have signed a memorandum of understanding (MoU) to explore and produce oil and natural Gas in the Black Sea. The agreement, signed in Istanbul by TPAO General Manager Cem Erdem and Chevron’s Head of Corporate Business Development Frank Mount, allows the companies to search for hydrocarbons and develop potential fields. Türkiye’s Minister of Energy and Natural Resources, Alparslan Bayraktar, highlighted that the cooperation will support joint exploration and production efforts. He emphasized TPAO’s ongoing work to boost production in the Black Sea and abroad, noting other partnerships, including with ExxonMobil, as part of Türkiye’s strategy to diversify its energy portfolio. The MoU comes as Türkiye advances its largest asset, the Sakarya gas field, which began production in April 2023 and is expected to supply nearly 30% of the nation’s gas needs by 2030, according to Wood Mackenzie. The country is also investing in new technologies, such as a floating production unit from Wison New Energies in 2025, aimed at further developing Black Sea resources.