TotalEnergies and TPAO to Explore Black Sea Hydrocarbons

TOTALENERGIES SE has signed a preliminary agreement with the Turkish state-owned energy firm TPAO to explore for hydrocarbons in the Black Sea waters of Turkey. This strategic move marks the return of the France-based major to the region, nearly three years after it exited a gas exploration project in Bulgaria. The agreement provides a framework for technical collaboration and the evaluation of future joint exploration opportunities. Nicola Mavilla, the senior vice-president for exploration at TotalEnergies, expressed optimism regarding the new partnership in an official statement: > We are pleased to launch this cooperation...to evaluate exploration opportunities in the Black Sea region and internationally on a mutually beneficial basis. Interest in the Black Sea has grown among European nations seeking to replace Russian energy supplies following the 2022 invasion of Ukraine and amid ongoing tensions involving Iran. In Romania, the Neptun Deep project, which holds an estimated 100 billion cubic meters of recoverable gas, is expected to commence production next year. Other major energy companies are also active in the vicinity; SHELL PLC, headquartered in the United Kingdom, secured a contract last year for exploration in Bulgarian waters. TotalEnergies previously participated in the Han Asparuh project in Bulgaria but transferred its interest to OMV PETROM SA in late 2023 as the European Union prioritized its Green Deal transition toward renewable energy. Turkish Energy Minister Alparslan Bayraktar noted that the accord supports the national ambition of becoming a regional energy hub and achieving full energy independence. To enhance supply security, the country is pursuing domestic resource development through international partnerships, including discussions with United States major EXXON MOBIL CORP. Furthermore, TotalEnergies is set to begin a 10-year liquefied natural gas supply contract with the state-backed firm Botas next year. The company also holds a 50% stake in Ronesans Enerji, which manages hydroelectric assets and a pipeline of wind, solar, and battery storage projects.