Published by Global Banking & Finance Review®
Posted on April 13, 2026
3 min readLast updated: April 13, 2026
Add as preferred source on GoogleTotalEnergies signed a preliminary agreement with Turkey’s state-owned TPAO to jointly explore for hydrocarbons in the Black Sea, while European interest in the region grows amid energy security concerns and upcoming Romanian Neptun Deep gas production.
By America Hernandez
PARIS, April 13 - TotalEnergies has signed a preliminary agreement with Turkish state-owned energy company TPAO to explore the country's Black Sea waters for hydrocarbons, the French oil major said on Monday, nearly three years after pulling out of a gas exploration project in the sea's Bulgarian waters.
The agreement, first announced nL6N40D0HS by Turkey's energy minister last month, provides a framework for technical collaboration and possible joint future exploration opportunities.
"We are pleased to launch this cooperation...to evaluate exploration opportunities in the Black Sea region and internationally on a mutually beneficial basis," said Nicola Mavilla, Total's senior vice-president for exploration, in a statement.
European countries have shown growing interest nL1N40F0FF in the Black Sea after losing access to Russian oil and gas supplies in the wake of the Ukraine war in 2022 and now facing disruption from the war in Iran https://www.reuters.com/world/iran/.
Neptun Deep nL1N3R806U, one of the European Union's most significant discoveries with an estimated 100 billion cubic metres of recoverable gas, is located in Romania's area of the Black Sea and will start production next year.
Last year, Britain's Shell signed nL1N3QT0AV a contract to explore in Bulgarian waters. TotalEnergies had also previously been active in Bulgaria's part of the Black Sea before ceding its stake in the Han Asparuh project to local player OMV Petrom in late 2023, as the European Union pursued its Green Deal policy of phasing out oil and gas in favour of renewables.
Turkish Energy Minister Alparslan Bayraktar said on social media platform X on Monday that the accord was part of Turkey's goal of becoming a regional energy hub, adding that Ankara wanted to achieve full energy independence.
Turkey, which is not an EU member, is pushing to develop nL8N3QZ02T its domestic resources via international partnerships, including with U.S. major Exxon nS8N3WJ01K, to boost security of supply and become a regional exporter.
TotalEnergies will next year begin supplying Botas, another Turkish state-backed energy firm, with liquefied natural gas supplies under a 10-year contract.
The French major also owns a 50% stake in Ronesans Enerji — owned by Turkish tycoon Erman Ilicak — which holds 166MW of hydroelectric assets and a pipeline of future wind, solar and battery projects.
(Reporting by America Hernandez in Paris; Additional reporting by Tuvan Gumrukcu in Ankara; Editing by Jan Harvey, Kirsten Donovan)
The preliminary agreement allows TotalEnergies and Turkish state-owned TPAO to explore the Black Sea waters for hydrocarbons through technical collaboration and future joint projects.
Interest has grown due to the loss of access to Russian oil and gas after the Ukraine war and ongoing disruptions from conflict in Iran, boosting the need for alternative energy sources.
Shell has signed a contract to explore Bulgarian waters, and TotalEnergies previously partnered in Bulgaria before withdrawing in 2023.
The agreement supports Turkey's aim to achieve energy independence and become a regional energy hub through developing domestic resources and international partnerships.
TotalEnergies will supply liquefied natural gas to Botas under a 10-year contract and owns a 50% stake in Ronesans Enerji, with hydroelectric, wind, solar, and battery projects.
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