ExxonMobil and Turkish Petroleum (TPAO) have signed a memorandum of understanding to jointly evaluate exploration and development opportunities in the Black Sea and the Mediterranean Sea. The agreement aims to combine TPAO's deepwater technical capabilities with ExxonMobil's international experience to boost Turkey's operational effectiveness and pursue new discoveries. The partnership may also extend to other areas for international cooperation.

Exploration Context and Historical Ties

Specific exploration targets were not disclosed, though Turkey's energy minister previously stated TPAO plans to drill six exploration wells across the Black Sea in 2026. The company has a fleet of six drillships to support this activity. This MoU signifies ExxonMobil's potential return to Black Sea exploration after exiting a Romanian project in 2021 and renews a partnership with TPAO; the two companies previously collaborated on an unsuccessful deepwater exploration campaign in the Turkish Black Sea in 2008.

Broader Strategic Efforts

The agreement is part of Turkey's broader strategy to secure energy independence through domestic and international projects. TPAO's recent international activities include planned drilling offshore Somalia, assuming operatorship of a block offshore Pakistan, and holding an exploration agreement offshore eastern Libya—near an area where ExxonMobil operates offshore Greece. ExxonMobil also has exploration interests offshore Cyprus and Egypt, and an exploration MoU with Libya.

Geopolitical Considerations

Maritime boundary disputes in the region present a complex backdrop. Turkey, which is not a signatory to the UN Convention on the Law of the Sea, has ongoing disputes with Greece and Cyprus over exclusive economic zones and has previously deployed naval vessels to halt drilling in Cypriot waters. Domestically, TPAO is advancing activity at the Goktepe gas discovery in the Black Sea. Turkey's overarching goal, as stated by its energy minister, is to achieve full energy independence and become a regional energy hub through such international collaborations.