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TotalEnergies, TPAO Sign MOU to Explore Black Sea

-- TotalEnergies (TTE) has signed a memorandum of understanding with Turkey Petrolleri Anonim Ortakligi to pursue joint exploration opportunities in the Black Sea, the companies said on Monday.

The pact establishes a framework for technical cooperation between the two firms, including a joint assessment of exploration prospects in the Black Sea and potential international projects.

"We are pleased to launch this cooperation with TPAO, leveraging the technical expertise of both companies to evaluate exploration opportunities in the Black Sea region and internationally on a mutually beneficial basis," said Nicola Mavilla, senior vice-president for exploration at TotalEnergies.

TPAO signed an agreement with Shell (SHEL) in February to jointly explore for oil and natural gas in Bulgaria's offshore Black Sea waters.

Since the beginning of the year, the Turkish state energy firm has signed energy cooperation agreements with ExxonMobil (XOM), Chevron (CVX) and BP (BP) for possible exploration work in the Black Sea and the Mediterranean.

Price: $93.13, Change: $+0.48, Percent Change: +0.52%

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TotalEnergies, TPAO Sign MOU to Explore Black Sea | FINWIRES