4/24/2009

Turkish Petroleum Corporation to explore oil with Chevron

Today's Zaman - The Turkish Petroleum Corporation (TPAO) will explore oil with the US oil giant Chevron on Cudi Mountain in Turkey's southeastern province of Sirnak, the Anatolia news agency reported on Wednesday. Chevron had previously announced it was interested in conducting oil exploration off Turkey's Black Sea coast. Officials from TPAO said TPAO and its partner Chevron initiated preliminary studies for the sinking of a "Cudi-1" well to explore oil. Noting that preparations for Cudi-1, 25 kilometers from Silopi, have almost been completed, the TPAO officials said that following the end of the current studies, the companies will start drilling in the region next month. TPAO had been in contact with Chevron for the last few months. Negotiations started in January 2009 with officials from both sides meeting in Turkey to discuss the details of a possible partnership. Last year, the TPAO signed a deal with Exxon Mobil Corporation for the joint exploration and development of oil and natural gas off Turkey's Black Sea coast.

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