TPAO says Chevron's Turkey Black Sea energy exploration talks stall

The two companies were in talks with Ankara to carry out exploration in the Black Sea region, which Turkey believes holds some 10 billion barrels of oil and 1.5 trillion cubic meters of natural gas.Â

 

A Chevron official declined to comment on the matter.

 

"There are topics on which we could not agree with Chevron, and Chevron has officially announced it is not interested in petrol exploration in the Black Sea at this time," TPAO General Manager Mehmet Uysal said.

 

Uysal did not elaborate on the disagreements.

 

Uysal also said talks had stalled with RWE on exploration in the Black Sea.

 

Exxon and Petrobras are continuing work on exploration in the Black Sea. TPAO has said if oil is found in the Black Sea by 2010, production will be able to start between 2015 and 2016.

 

Turkey imports most of its gas and oil needs