Exxon Mobil and Turkish oil company sign Black Sea oil deal
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Exxon Mobil Corp and Turkey’s state-run oil company, TPAO, have signed a deal for the joint exploration and development of oil and natural gas in the Black Sea, the AP reported on Wednesday. (UPDATED)
TPAO estimates the Black Sea oil reserve consists of more than 10 billion barrels of oil, which could meet
"ExxonMobil is pleased to team up with TPAO to explore the hydrocarbon potential of these deepwater Black Sea blocks," said Tim Cejka, president of ExxonMobil Exploration Company.
"We look forward to bringing our global deepwater experience to this prospective unexplored area."
"Together, TPAO and ExxonMobil have all the tools required to fully evaluate the potential of these blocks and safely develop whatever commercial quantities of oil and gas we discover. We look forward to working together on an aggressive exploration program to see what we can find,” Mehmet Uysal, president and CEO of TPAO, said.
"I hope that this joint venture will be crowned with the discovery of oil and natural gas and that our dependence on foreign countries will be reduced," Turkey’s Energy Minister Hilmi Guler said at Wednesday's signing ceremony.
Guler said exploration costs could mount to $450 million.
The exploration will take place off the coast of the Black Sea port cities of Samsun and Kastamonu, He added.
Turkey hopes to start producing oil from the Black Sea by 2015.
Turkey has signed a similar Black Sea oil exploration deal with Brazils Petrobas.