Türkiye is in talks with U.S. energy giant ExxonMobil over a multibillion-dollar deal to buy liquefied natural gas (LNG), in an effort to curb its dependence on Russian energy, according to a Financial Times report on Sunday.
The country is seeking to build a "new supply portfolio" that will make it less reliant on any single partner, Energy Minister Alparslan Bayraktar told the FT in an interview.
Türkiye would secure up to 2.5 million tons of LNG a year through a long-term deal under discussion with Exxon, Bayraktar told FT.
The pact could last for a decade, he added.
Bayraktar said the commercial terms of the Exxon deal were still under discussion.
The reported deal with Exxon comes at a time when Russian exports to Europe are falling as Europe increases its LNG purchases from global producers to cut its imports of Russian pipeline gas in response to the conflict in Ukraine.
Russian exports of liquefied natural gas to Europe fell 1.9% to 15.8 million metric tons in 2023, according to LSEG data.
Türkiye, which boosted its oil exploration efforts in recent years and has uncovered major fields in its northern Black Sea region as well as in its southeast, remains dependent on imports from countries such Russia, Azerbaijan and Iran, as well as LNG from Algeria, Qatar, the U.S. and Nigeria.
Earlier during the day the Energy and Natural Resources Ministry announced that a local and national drilling rig dubbed "Koca Yusuf TP1500" started drilling operations in the field of Gabar, where Türkiye aims to lift daily production to 100,000 barrels by the end of the year.
