Turkish state-owned energy company Turkish Petroleum (TPAO) has signed a memorandum of understanding with ESSO Exploration - a subsidiary of the US major oil and gas corporation ExxonMobil, to cooperate in oil and gas exploration in the Black Sea and Mediterranean regions.
The agreement signed by representatives of TPAO and Vice President John Ardill of ExxonMobil in Istanbul, Turkey this week also paves the way for potential joint ventures in other international regions.
Announcing this agreement, Turkish Minister of Energy and Natural Resources Alparslan Bayraktar said that Turkey aims to combine technical expertise in deep-water exploration and drilling with ExxonMobil's global experience to enhance operational capabilities and pave the way for new discoveries.
In line with the goal of a completely self-reliant Turkey, we are strengthening capacity through international cooperation and moving towards becoming the energy center of the region," the minister said.
Turkey is expanding offshore energy exploitation activities in both the Black Sea and the Mediterranean.
In the Black Sea, production from the Sakarya gas field is continuing to grow. This gas field is producing about 9.5 million m3 of gas per day and is planned to increase to 40 million m3 by 2028. The Sakarya gas field was discovered in 2020 and is estimated to contain 710 billion m3 of potential reserves.
In the Mediterranean, earthquake surveys and oil and gas exploration efforts are being carried out by Turkey in many areas.
Headquartered in Texas, ExxonMobil is one of the largest energy companies in the US. In 2024, the company reported revenue of 349.6 billion USD and continued to operate throughout the oil and gas value chain, including exploration, production, oil refining and marketing.
In 2025, Turkey's national oil production increased by 26% compared to the previous year, reaching 47.9 million barrels, while gas production increased by 39%, reaching 3.2 billion m3.
