Turkey talks Black Sea oil with firms
Posted by meb at September 1st, 2008
Turkey is holding talks with Germany’s RWE and U.S. Chevron on conducting oil exploration in the Black Sea, a senior Turkish energy ministry source told Reuters Friday.
Major oil importer Turkey is looking to develop its oil exploration activities as part of efforts to reduce its large fuel bill.
The source said Turkish oil company TPAO planned to open six wells in the Black Sea, of which two will be opened with Brazil’s Petrobras.
“Talks with U.S. Chevron are continuing. These talks have reached an important stage. A partnership may also be established with RWE for some licenses belonging to TPAO,” the source said.
Mehmet Uysal, general director of TPAO, said earlier this year the company would start oil exploration in the Black Sea with Brazil’s Petrobras next year.
The seismic surveys near the Black Sea town of Sinop with Petrobras, which is expected to invest $400 million in Black Sea oil exploration in the next four years, were completed last year and the first well is expected to be opened in 2009.
TPAO is hoping to find rich gas reserves in the western Black Sea and rich oil reserves in the eastern part. Officials estimate the volume of reserves in the Black Sea to amount to 10 billion barrels.
source: Turkish Daily News
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