8/4/2008

Exxon Mobil in talks with Turkey for Black Sea oil

Hurriyet English - Exxon Mobil is among the companies that seek to co-operate with Turkish Petroleum Corporation in the oil exploring studies in the Black Sea, a company executive told Anatolian Agency on Sunday. "Exxon Mobil is an important company for us. Our studies continue at the moment... Sending and receiving letters also continue... We expect to finalize them with an agreement" quoted Yurdal Oztas, vice general manager of Turkish Petroleum Corporation (TPAO). Oztas said that a water depth of 2,000 meters and below had the real oil potential and exploration at this level would require high technology. Oztas also added, they were aware of the fact that small companies didn’t have much to do about it due to this difficulty. TPAO estimates more than 10 billion barrels of oil reserve, which can meet Turkey's 50-year oil requirement, exists in the Black Sea. Turkey has also recently initiated a mobilization to search oil and natural gas in southeastern Turkey.