Black Sea deal: in sight, say Turkish sources
ExxonMobil 'nears Black Sea deal'
Turkish state oil company TPAO and US supermajor ExxonMobil are close to striking an exploration deal covering the Turkish sector of the Black Sea, state energy sources said.
Turkey has stepped up efforts in recent years to exploit hydrocarbon reserves in the Black Sea as it looks to diversify energy resources and reduce its fuel bill.
Ankara is also holding talks with Germany's RWE AG and Chevron on carrying out exploration in the region and a source from TPAO, who declined to named, told Reuters those talks were progressing positively.
"The talks with ExxonMobil on oil exploration are on the verge of being completed with an agreement," a source at TPAO told Reuters, although the source declined to say when an accord might be signed.
"At the end of 2009 or start of 2010 drilling will start as planned. We have high expectations for this drilling," said another source at the Turkish Energy Ministry.
Both sources declined to be named.
TPAO is hoping for commercial production in 2015-2016 if drilling is carried out by 2010.
Mehmet Uysal, general director of TPAO, has said that $500 million has so far been invested in oil exploration in the Black Sea, which holds estimated reserves of 10 billion barrels.
The company is also working on plans for oil exploration in the Black Sea with Brazil's Petrobras.