Istanbul: National energy company Turkish Petroleum (TPAO) and US oil giant Chevron have signed a memorandum of understanding to evaluate potential collaborations in oil and natural gas exploration and production, Turkey's energy and natural resources minister announced.

According to Anadolu Agency, the memorandum is aimed at developing joint projects both in Turkey and on an international scale. Alparslan Bayraktar, the energy minister, shared the news on Turkish social media platform NSosyal, highlighting that the international initiatives under this agreement will support ongoing work in the Gabar field in southeastern Turkey and the Black Sea. This collaboration is also expected to contribute to Turkish Petroleum's goal of becoming a global company with a production capacity of 1 million barrels.

Bayraktar mentioned that new agreements for different international partnerships are on the horizon, with plans to share the concrete projects with the nation soon. This recent agreement comes after a previous memorandum of understanding between Turkish Petroleum and ExxonMobil subsidiary ESSO Exploration International Limited. That agreement covers new exploration areas in the Black Sea and the Mediterranean, as well as other potential regions.