Exxon Mobil joins Turkey's Black Sea exploration accord

The deal needs to be ratified by the Turkish government to take effect.

Exxon Mobil joins Turkey's Black Sea exploration accord

Exxon Mobile Corporation announced Tuesday it signed a deal with Brasil's Petrobras to partake in the consortium with Turkish Petroleum Corporation (TPAO) in a quest to find oil in the Black Sea.

Exxon announced that under the deal it purchased 25% share of rights over a 3 million hectare area in Sinop, Ayancik and Carsamba shores, with Pertobras holding 25% and TPAO 50% shares in the consortium.

The deal needs to be ratified by the Turkish government to take effect.

In April 2009, state-owned petroleum companies, Turkey's TPAO and Brazil's Petrobras, signed an agreement for the exploration of oil in the Black Sea.

Recently the massive deep-water oil platform "Leiv Eiriksson", which set off from Norway months ago, passed through the straits and reached Sinop, to explore oil at a depth of 6,000 meters with a daily cost of up to 1 million USD.

The platform will stay in the Black Sea for five years.

Turkish officials are very hopeful about drilling operations in the Black Sea which is believed to have huge underwater oil and natural gas reserves.

Recent seismic researches estimate a 10-billion barrel oil reserve in the Black Sea.


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Last Mod: 12 Ocak 2010, 14:35
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