ExxonMobil Enters Exploration MoU With Turkey's National Oil Company

Core Insights - Exxon Mobil Corporation (XOM) has signed a Memorandum of Understanding (MoU) with Turkey's national oil company (NOC) to explore oil and natural gas resources in the Black Sea and Mediterranean [1][7] - The collaboration is expected to enhance operational efficiency and increase the likelihood of discovering new oil and gas fields [2][7] Exploration and Production - Turkey has intensified offshore assessments in the Black Sea following production from the Sakarya field, which reached a daily output of approximately 9.5 million cubic meters of gas by 2025 [3][7] - A recent gas discovery near Sakarya, from the Goktepe-3 well, added 75 billion cubic meters to Turkey's total gas reserves, bringing the total discovered in the Black Sea to 785 billion cubic meters [3][7] Market Context - XOM's upstream business is significantly affected by crude price volatility, with West Texas Intermediate crude oil prices currently below $60 per barrel, putting pressure on earnings [4] - Other major players in the integrated oil and gas sector, such as Chevron Corporation (CVX), BP p.l.c. (BP), and Eni S.p.A. (E), also face similar vulnerabilities due to crude price fluctuations [5][6]