ExxonMobil and Turkey Strike Strategic Energy Accord in Black Sea and Mediterranean
January 2026
Turkey’s state energy firm TPAO and ExxonMobil’s exploration arm have agreed to expand cooperation on hydrocarbon exploration in the Black Sea and Mediterranean, a deal that could reshape the energy dynamics of a strategically vital region.
Signed on Jan. 8 in Istanbul, the memorandum of understanding between Turkish Petroleum Corporation and ESSO Exploration International Limited signals a renewed U.S. supermajor presence in waters where Ankara has been intensifying offshore activity. The accord focuses on combining TPAO’s deep-sea drilling capabilities with ExxonMobil’s technical expertise to accelerate exploration efforts in areas not yet fully evaluated.
For Turkey, this is a key moment in a years-long effort to transition from a heavy dependence on imported energy to greater domestic production. The success of the Sakarya gas field — located in the Turkish sector of the Black Sea — has been a catalyst for this push. Current output is contributing to Turkey’s energy mix and reducing import costs, and Ankara is eager to build on that momentum with potential oil discoveries.
The ExxonMobil deal takes place against the backdrop of broader geopolitical competition in the Mediterranean basin. Disputes over exclusive economic zones and subsea rights — especially around Cyprus and Greece — have at times strained relations between Turkey and European neighbors. While the memorandum itself does not directly address those disputes, increased exploration activity will likely amplify regional tensions over energy access and maritime boundaries.
Energy analysts note that ExxonMobil’s interest reflects not only commercial prospects but also a strategic calculation: as global majors recalibrate their portfolios in response to shifting demand and climate pressures, opportunities in underexplored basins with existing infrastructure knowledge become attractive. The memorandum sets a platform for evaluating geological data, conducting seismic surveys, and potentially entering licensing rounds should promising prospects emerge.
ExxonMobil’s involvement also adds a political dimension. Turkey’s ability to attract major Western energy firms bolsters its claim to be a reliable partner in long-term energy development — a message Ankara has emphasized in diplomatic engagements with both European and Middle Eastern capitals.
While details on specific blocks or investment timelines remain vague, the MoU serves as a signal to markets that Turkey’s offshore frontiers remain opportunities for high-stakes exploration. Private investors and state partners will be watching closely for seismic results and regulatory developments that could unlock commercially viable reserves.
For ExxonMobil, the agreement represents a calculated re-entry point into a region where multinational companies have intermittently pursued energy potential amid complex geopolitical landscapes. The company’s global diversification strategy — spanning traditional hydrocarbons and low-carbon ventures — positions it to navigate such complexities while maintaining a foothold in essential upstream markets.
Turkey’s ambition to become an energy hub — and ExxonMobil’s renewed engagement — may ultimately hinge on how quickly exploration translates into production and how effectively Ankara manages competing claims over offshore resources.
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Source:
Sabah
Global Flow Control
Reuters