Turkey seeks Chevron partnership for oil and gas exploration projects

(Bloomberg) – Turkey’s state energy company is in talks with Chevron to jointly explore for oil and gas, according to a Turkish official familiar with the discussions.

Turkish Petroleum Corp, known as TPAO, would work with Chevron on seismic studies and drilling, the official said, asking not to be identified because the talks are private.

The potential accord is the latest move by Ankara to boost energy production and comes amid a broader warming of U.S.-Turkey ties. It would follow a January agreement with ExxonMobil on joint exploration in the Black Sea and Mediterranean. 

Turkey’s Energy Ministry didn’t respond to a request for comment. TPAO couldn’t be reached for comment. 

“Chevron has a diverse exploration and production portfolio globally and continues to assess potential opportunities,” a spokesperson for Chevron told Bloomberg. “As a matter of policy, we do not comment on commercial matters.”

It’s not clear which projects the companies could collaborate on. TPAO is already active in the Black Sea, Iraq, Russia and Somalia, and previously drilled in the eastern Mediterranean, where Chevron operates fields in Israeli and Cypriot waters. 

Ankara has sought to cut its almost total dependency on imported oil and gas in recent years by increasing domestic production and expanding TPAO’s operations abroad.

The firm has expanded its fleet of specialist vessels for offshore energy exploration and recently announced plans to raise as much as $4 billion in its debut Islamic debt sale.