Turkey’s state-owned oil and gas company, TPAO, signed an MoU with Exxon Mobil to explore new oil and gas prospects in the Black Sea and Mediterranean. The agreement aims to boost operational efficiency and accelerate hydrocarbon discoveries, building on Turkey’s offshore ambitions, particularly in the Black Sea.

The Sakarya gas field in the Black Sea has become crucial for Turkey’s energy independence, supplying 2.3 billion cubic meters in 2024. TPAO’s recent gas discovery near Sakarya adds 75 billion cubic meters of reserves, totaling around 785 billion cubic meters in the Black Sea, meeting household gas demand for over three years.

Turkey plans to scale gas production with a new floating platform, potentially increasing Sakarya’s output to 18 million cubic meters per day. The TPAO-ExxonMobil agreement enhances energy cooperation, aligning with Ankara’s strategy to boost domestic production and position Turkey as a regional energy hub.

The agreement between TPAO and ExxonMobil signifies broader energy cooperation between Turkey and the US, strengthening Ankara’s goal to enhance domestic production and become a regional energy hub. Oilprice Intelligence provides expert analysis for traders and political advisors, offering insights before they hit the headlines. Get exclusive access to premium energy intelligence by subscribing today.

Read more at Yahoo Finance: Turkey Taps ExxonMobil as Black Sea Gas Discoveries Grow