KEY POINTS
- ExxonMobil and TPAO agree to jointly study offshore exploration prospects
- Deal covers Black Sea and Mediterranean basins with no targets disclosed
- Turkey ramps up drilling and international partnerships to boost energy security
ExxonMobil and Turkey’s state-owned oil company, Turkish Petroleum, have signed a memorandum of understanding to work together to look into new oil and gas exploration and development opportunities in the Black Sea and the Mediterranean. This is a new partnership between the two energy companies.
The deal was signed on Thursday in Istanbul. It combines ExxonMobil’s experience with international exploration with Turkish Petroleum’s growing ability to drill in deep water. Alparslan Bayraktar, Turkey’s Energy Minister, said that the deal fits with Ankara’s larger goal of improving operational capacity and finding new offshore resources.
Bayraktar said that the partnership could also go beyond Turkish waters, which could lead to more international cooperation in the future. He said that the deal was part of Turkey’s plan to become less dependent on energy imports and a regional energy hub.
ExxonMobil confirmed the deal in a statement. They said they would work with the Turkish government and Turkish Petroleum to fully look into the country’s offshore potential while putting safety and responsibility first. Neither side gave any details about specific blocks or drilling schedules.
Black Sea focus and drilling momentum
The memo comes out as Turkish Petroleum speeds up its work in the Black Sea and other offshore areas. Bayraktar said at the end of last year that the company wants to drill six exploration wells in the eastern, central, and western Black Sea in 2026.
Turkish Petroleum currently has six drillships in its fleet. Four of them are already working in the Black Sea, and two new ships are being prepared for deployment. The company has also stepped up work at the Goktepe gas discovery, where several appraisal and development wells are currently being drilled.
The deal could mean that ExxonMobil will go back to the Black Sea, where it left the Neptun Deep gas project in Romania in 2021. It also brings back a relationship with Turkish Petroleum that goes back to 2008, when both companies looked for deepwater opportunities off the northern coast of Turkey but didn’t find any that were worth anything.
Turkey has been exploring more at home and abroad in recent years as part of its goal to become energy independent. Turkish Petroleum is getting ready to drill an offshore well in Somalia and is also taking on new exploration roles off the coast of Pakistan and Libya.
ExxonMobil has a big presence in the Eastern Mediterranean. It has exploration interests off the coast of Cyprus and Egypt, as well as land near Greek waters. Maritime disputes in the area, especially between Greece and Cyprus, have made it harder to explore offshore in the past and are still a sensitive issue in new deals.
