Chevron close to deal on Turkish oil drilling

Reuters - Türkiye expects to complete talks with the US oil giant Chevron by this summer on a deal that may be worth at least USD 500 million to explore oil in the Black Sea, the state-run Anatolian news agency said on Sunday. Yurdal Oztas, Assistant General Manager of state oil company Turkish Petroleum Corporation (TPAO), told Anatolian that Chevron is interested in deep-sea blocks off the western and central sections of Black Sea coast. Chevron will join Petrobras, Brazil's state oil firm, and ExxonMobil Corp, the world's biggest listed oil company, in exploring off Türkiye's Black Sea coast, where natural-gas production began in 2007. Petrobras is investing USD 400 million and is due to begin drilling off the Black Sea coast this year in an area they believe contains five billion barrels of oil. Exxon and TPAO in November agreed to invest USD 450 million to begin exploring in the Black Sea at the end of this year.