Turkey is accelerating a major shift in its energy strategy, moving beyond reliance on American LNG to explore direct investments in US oil and gas fields. Turkish Petroleum Corp. is reportedly in talks with Chevron, Exxon Mobil, and other majors to acquire upstream assets, aiming to secure long-term energy supplies while diversifying away from Russian and Azerbaijani sources. Since late 2024, Turkey has signed 150 billion cubic meters in long-term LNG deals, mainly with US suppliers, with most deliveries starting between 2027 and 2030. The country plans to expand its LNG infrastructure, including two new floating storage and regasification units, and may increase gas transfer capacity to Bulgaria, supporting broader regional energy trade and influence.
Turkey is exploring investments in US oil and gas fields as it accelerates a sweeping overhaul of its energy portfolio that’s so far been built around American LNG.
Turkish Petroleum Corp. is in talks with Chevron Corp., Exxon Mobil Corp. and other US majors to take positions in upstream assets, as part of Turkey’s plan to expand from its growing exposure to liquefied natural gas, the country’s Energy Minister Alparslan Bayraktar said Wednesday on the sidelines of the World LNG summit in Istanbul. Announcements might come as early as next month, he said.
The plan adds a new layer to Turkey’s expanding relationship with the US, which has become a major source of long-term gas supply to Ankara. […]
Bayraktar said the country expects to take about 1,500 LNG cargoes over the next 10–15 years, with most indexed to Henry Hub gas pricing in the US. […]
Bayraktar also said Turkey could double annual gas transfer capacity to Bulgaria to as much as 7–10 billion cubic meters, pending minor upgrades on the Bulgarian side. That could unlock additional volumes for Southeast Europe and potentially for Ukraine.
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