Turkey’s state-run energy company Turkish Petroleum Corp. (TPAO) is holding confidential talks with US energy giant Chevron Corp. over a potential partnership to explore for oil and natural gas, a Turkish official familiar with the discussions told Bloomberg.
The possible cooperation would focus on seismic surveys and drilling operations, the official said, requesting anonymity because the talks are private. No specific projects or locations have yet been disclosed.
The discussions come as Ankara seeks to reduce its near-total dependence on imported oil and gas by boosting domestic production and expanding TPAO’s overseas operations. They also coincide with improving relations between Turkey and the United States.
The prospective Chevron partnership would follow a separate agreement reached in January between TPAO and Exxon Mobil Corp. for joint offshore exploration in the Black Sea and the eastern Mediterranean, part of a broader push by Turkey to intensify deepwater drilling.
Domestic production challenges
The talks with Chevron also come as Turkey continues to struggle to scale up domestic natural gas production despite heavy investment in the Black Sea. Output from the Sakarya gas field has remained below initial targets, with daily production averaging around 7.7 million cubic meters in the January–November period, according to data from the Energy Market Regulatory Authority (EPDK).
Monthly output stood at 245.8 million cubic meters in November, equivalent to about 7.8 million cubic meters per day, well short of the 10 million cubic meters per day envisaged for the project’s first phase.
Government plans project daily production to rise to 20 million cubic meters by the third quarter of 2026 and to 40 million cubic meters by 2028 with the completion of later phases. However, analysts cited in domestic reporting note that even at 40 million cubic meters per day, Sakarya would cover only about one-quarter of Turkey’s annual natural gas consumption, which stood at 52.3 billion cubic meters as of November 2025.
Household consumption alone averaged nearly 56 million cubic meters per day, meaning current Black Sea output meets roughly 14 percent of residential demand. Reaching higher production levels would require additional drilling, expanded processing infrastructure and sustained investment over a longer timeline than initially outlined.
Broader energy strategy
TPAO is already active in the Black Sea, Iraq, Russia and Somalia and has previously carried out drilling in the eastern Mediterranean, where Chevron operates major gas fields in Israeli and Cypriot waters.
Asked to comment on the reported talks, a Chevron spokesperson told Bloomberg, “Chevron has a diverse exploration and production portfolio globally and continues to assess potential opportunities. As a matter of policy, we do not comment on commercial matters.”
Turkey’s Energy Ministry and the TPAO did not respond to requests for comment, and no timeline has been announced for a potential agreement.
In recent years, TPAO has expanded its fleet of specialized offshore exploration vessels and announced plans to raise up to $4 billion through its debut Islamic debt issuance to finance new energy projects.
Energy Minister Alparslan Bayraktar said last week that one of TPAO’s newest drilling ships, the Çağrı Bey, is expected to begin drilling operations in Somalia in April or May.
A deal with Chevron would underscore Ankara’s ambition to position Turkey as a regional energy hub linking Black Sea, Mediterranean and Middle Eastern resources to European and global markets, while deepening cooperation with US energy companies.