Turkish Petroleum signs agreement with ExxonMobil

Mar 03, 2009 01:00 AM

The news was announced by Turkish Petroleum Corporation (TPAO) Chief Executive Mehmet Uysal: "We have signed a non-disclosure agreement with ExxonMobil for the exploration of oil in the region of south-eastern Anatolia," Uysal told.
Uysal said TPAO believed the Black Sea had 10 bn barrels of crude and 1.5 tcm of natural gas reserves. TPAO said previously it aimed to launch production in 2015-2016 if drilling is carried out by 2010.

In an attempt to diversify its energy sources, Turkey has signed a memorandum of understanding with Iran to exploit natural gas reserves in the Islamic Republic's South Pars field, and Uysal said investment for the project is seen increasing to $ 6 bn (EUR 4.5 bn) from a previously announced $ 3.5 bn (EUR 2.6 bn).
Uysal also said it was still in talks with other companies for oil exploration in Iraq, including BP, Royal Dutch Shell, Gazprom and India's ONGC.

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