Philenews

Turkey Announces Agreement with Chevron, ExxonMobil Expands into Mediterranean

Published January 22, 2026, 09:23
Turkey Announces Agreement with Chevron, ExxonMobil Expands into Mediterranean

Turkey is strengthening its energy cooperation with two major companies, Chevron and ExxonMobil. An agreement with Chevron is expected to be signed in Istanbul in February, while a deal with ExxonMobil for joint research in the Mediterranean, Black Sea, and other regions is already in place. Turkish Energy Minister Alparslan Bayraktar describes 2026 as a "golden year" for energy diplomacy and production, anticipating announcements of specific research and exploration projects. Ankara is seeking to reduce its dependence on imported oil and natural gas by increasing domestic production and expanding the activities of TPAO abroad, such as in Somalia. Chevron confirmed it is evaluating potential opportunities but declined to comment on specific commercial matters. This move aligns with the broader warming of US-Turkey relations.