Turkey is moving forward with plans to formalize an upstream exploration agreement with U.S. oil major Chevron as early as next month, according to comments by the country’s energy leadership.

The planned deal marks another step in Ankara’s recent push to draw foreign investment into its hydrocarbon sector. The Turkish Energy Minister, Alparslan Bayraktar, announced that talks with Chevron are nearing completion, following the signing of a separate upstream exploration memorandum of understanding with Exxon Mobil earlier in January.

The expected agreement would focus on upstream activities, the exploration and development of oil and gas resources and is part of broader efforts by Turkey to enhance domestic energy supply and leverage international technical expertise. Bayraktar’s office has framed these engagements as opportunities to expand energy partnerships and boost exploration efforts that have lagged in recent years.

In recent weeks, Ankara has emphasized the importance of foreign oil companies in helping tap new or underdeveloped fields. The Chevron and Exxon Mobil arrangements underline this strategy, particularly as global energy firms have shifted focus toward more promising basins worldwide.

Industry observers say that securing such cooperation deals can increase Turkey’s access to advanced technology and capital, but much will depend on the terms of the agreements and how quickly both sides can move from memoranda and negotiations to actual fieldwork.