Turkey’s state-owned oil and gas company, Turkish Petroleum Corporation (TPAO), has signed a memorandum of understanding with Exxon Mobil affiliate ESSO Exploration International Limited to explore new oil and natural gas prospects in the Black Sea and the Mediterranean, Ankara announced on Thursday.
Energy and Natural Resources Minister Alparslan Bayraktar said the agreement aims to strengthen operational efficiency and accelerate new hydrocarbon discoveries by combining TPAO’s deepwater exploration capabilities with Exxon Mobil’s international expertise. The MoU was signed in Istanbul by TPAO General Manager Cem Erdem and Exxon Mobil Vice President John Ardill.
The deal builds on Turkey’s expanding offshore ambitions, particularly in the Black Sea, where the Sakarya gas field has become the cornerstone of the country’s push to reduce energy import dependence. Sakarya began supplying gas to the Turkish grid in September 2023, with production rising steadily to 2.3 billion cubic meters in 2024. Daily output reached 9.5 million cubic meters earlier this year and is expected to exceed 3.3 billion cubic meters in 2025.
TPAO recently announced a new gas discovery near Sakarya, adding an estimated 75 billion cubic meters of reserves from the Goktepe-3 well. This lifts total discovered Black Sea reserves to around 785 billion cubic meters, an amount the energy ministry says could meet Turkey’s household gas demand for more than three years. At current market prices, the latest discovery alone is valued at roughly $30 billion.
Looking ahead, Turkey plans to further scale production once a new floating production platform comes online in the third quarter of 2026, potentially lifting Sakarya’s output above 18 million cubic meters per day. Ankara ultimately aims to raise total domestic gas production to 40 million cubic meters per day by 2028.
The TPAO–ExxonMobil agreement also follows broader energy cooperation between the two countries, including a liquefied natural gas supply deal signed earlier this year. Turkish officials say such partnerships are central to Ankara’s strategy to boost domestic production, diversify supply, and position Turkey as a regional energy hub.
Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you’ll always know why the market is moving before everyone else.
You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions – and we’ll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.
