Türkiye Starts 2026 with Back-to-Back Upstream Energy Agreements

By Bosphorus News Staff

Türkiye opened 2026 with a series of upstream energy cooperation agreements, signing memoranda of understanding with two U.S. energy majors aimed at expanding oil and natural gas exploration and production activities.

In early January, state owned company Turkish Petroleum Corporation (TPAO) signed a memorandum of understanding with Esso Exploration International Limited, a subsidiary of ExxonMobil. The agreement covers potential exploration activities in Türkiye’s Black Sea and Mediterranean regions, according to official statements.

The January deal was followed by a second agreement in early February, when TPAO signed an MoU with Chevron. The Chevron agreement provides a framework for joint evaluation of oil and natural gas exploration and production opportunities, both onshore and offshore.

Evaluation Phase Agreements

Both agreements are non-binding memoranda focused on technical and commercial assessments rather than immediate drilling or production commitments. No reserve estimates, investment figures, or timelines were disclosed in the announcements.

Turkish officials have described the MoUs as part of an effort to widen cooperation with international energy companies and to assess Türkiye’s upstream potential across multiple basins.

Official Statements

Energy and Natural Resources Minister Alparslan Bayraktar said the agreements align with Türkiye’s objective of increasing domestic hydrocarbon production and strengthening technical capacity. Previous statements by the ministry have pointed to the Black Sea as a priority area, alongside ongoing production in southeastern Türkiye.

Domestic Energy Context

Türkiye has expanded natural gas output from the Sakarya field in the Black Sea over the past two years and continues oil production at the Gabar field in Şırnak province. Authorities have repeatedly stated that additional exploration is needed to sustain and scale domestic output.

The newly signed agreements mark the first upstream cooperation steps of 2026 involving major international companies. Further progress will depend on the outcome of technical studies and any subsequent licensing or investment decisions.