Turkey's TPAO, US Chevron sign deal on Black Sea oil exploration

Turkish Petroleum Corporation and U.S. oil company Chevron signed a deal Monday for joint oil exploration in the Black Sea.

Turkey's TPAO, US Chevron sign deal on Black Sea oil exploration

Turkish Petroleum Corporation (TPAO) and U.S. oil company Chevron signed a deal Monday for joint oil exploration in the Black Sea.

The deal which foresees partnership in the sub oil field covering west of Section 3921 in the Black Sea, was signed by TPAO President Mehmet Uysal and head of Chevron's Eurasia section James Jay Johnson in a ceremony in Ankara also attended by Turkey's Energy Minister Taner Yildiz.

According to the deal TPAO will own 50% shares of the said sub-field, and operate the only oil rig currently exploring oil in the area.

If the said rig finds oil in the sub-field, TPAO will construct a second rig and 3D seismic study of the field will be conducted.

Chevron which will hold the remaining 50% of the shares, will act as an operator in the development phase of the project.

Speaking to reporters at the signature ceremony in Ankara's Sheraton Hotel, Minister Yildiz said that "oil may or may not be found in the Black Sea. We will not give up efforts
to find oil in the Black Sea if the initial results are not positive."

We will utilize both private security and certain units of the Turkish Armed Forces (TSK) for the safety of energy lines, Yildiz also said.

TPAO President Mehmet Uysal said that the Black Sea and Mediterranean were basins that could supply all oil needed by the Turkish economy.

Head of Chevron's Eurasia section James Jay Johnson, on his part, said that today's agreement represented a good example of partnership in energy.

"Turkey won an experienced partner in the open seas with today's agreement," Johnson also said.


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Last Mod: 21 Eylül 2010, 12:59
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