A particularly interesting Bloomberg report discusses a potential collaboration between Turkey and Chevron regarding hydrocarbon exploration. According to the network, the information came from a Turkish official who requested anonymity, as the contacts are private in nature. Based on the same source, it is Turkish Petroleum Corp (TPAO) that is discussing with Chevron the possibility of cooperation in seismic surveys and drilling operations. Ankara is turning to the energy giant, a move that aligns with its desire to strengthen its energy production. This is happening at a time when Turkey’s relations with the US, thanks to Donald Trump and Recep Tayyip Erdogan, are almost fully restored.
The upcoming cooperation with Chevron represents what Ankara wants to be the second bird they kill with one stone. The agreement with Exxon Mobil for joint exploration in the Black Sea and Mediterranean is not far off chronologically. However, Bloomberg’s report contains no confirmation whatsoever – though no denial either. TPAO did not respond, Turkey’s Ministry of Energy and Natural Resources did not respond, while Chevron responded to declare it would not respond, through a spokesperson: “Chevron maintains a diversified exploration and production portfolio globally and continues to evaluate potential opportunities. As a matter of standing policy, we do not comment on commercial matters.”
Where they will focus their cooperation
Uncertainty prevails regarding where the two sides will focus their potential cooperation. TPAO is already active in the Black Sea, Iraq, Russia, and Somalia, while in the past it has conducted drilling in the eastern Mediterranean. In the same region, Chevron manages deposits in Israeli and Cypriot waters.
Turkey has set a goal to become independent, as much as feasible, from imported oil and natural gas. To achieve this, in recent years, it has increased domestic production and expanded TPAO’s activities abroad. The company has strengthened its fleet of specialized ships for offshore exploration and recently announced plans to raise up to $4 billion through the first Islamic debt issuance in its history.
