9/5/2008

Turkey talks Black Sea oil with firms

Reuters - Turkey is holding talks with Germany's RWE and U.S. Chevron on conducting oil exploration in the Black Sea, a senior Turkish Energy Ministry source told Reuters. Major oil importer Turkey is looking to develop its oil exploration activities as part of efforts to reduce its large fuel bill. The source said Turkish oil company TPAO planned to open six wells in the Black Sea, of which two will be opened with Brazil's Petrobras. TPAO is hoping to find rich gas reserves in the western Black Sea and rich oil reserves in the eastern part. Officials estimate the volume of reserves in the Black Sea to amount to 10 billion barrels.
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