Chevron has entered negotiations with Türkiye’s state energy company TPAO to pursue joint offshore oil and gas exploration in the Eastern Mediterranean. Under the proposed agreement, Chevron would fund approximately 60% of the initial seismic survey, representing an investment of roughly $200 million over two years, with TPAO covering the remaining 40%. The collaboration targets potential reserves estimated at 500 million barrels of oil equivalent beneath the Mediterranean seabed, and aims to increase Türkiye’s domestic production by up to 25%, reducing its annual gas import bill by an estimated $3.5 billion. Both parties expect to finalize terms by the end of Q2 and commence drilling in early 2027, subject to regulatory approval from Ankara and maritime boundary clearances with neighboring states.

In the wake of improved operating conditions in Venezuela, Chevron’s asset base has gained renewed investor attention. The company’s restored concession in the San Félix block, which could add 5,000 barrels per day of crude output by mid-2027, stands in contrast to Petrobras, which delivered 3% year-over-year production growth in its core offshore fields last quarter. Year-to-date, Chevron shares have risen 5% while Petrobras stock is up 8%, reflecting higher near-term visibility at Petrobras versus Chevron’s longer development timeline in Venezuela. On valuation metrics, Chevron trades at 12 times projected 2026 earnings and yields 4.3%, compared with Petrobras’s 8 times forward earnings and a 6.1% dividend yield. Chevron reported adjusted EPS of $1.25 in the fourth quarter, up 18% from the same period last year, while Petrobras posted $0.80 per share, up 22%.