ANKARA - Turkish state oil company TPAO and U.S. company Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz) are close to a deal on exploring for oil in the Black Sea, state energy sources said on Thursday.
Major oil importer Turkey has stepped up efforts in recent years to exploit hydrocarbon reserves in the Black Sea as it looks to diversify energy resources and reduce its fuel bill.
Ankara is also holding talks with Germany's RWE AG (RWEG.DE: Quote, Profile, Research, Stock Buzz) and U.S. Chevron (CVX.N: Quote, Profile, Research, Stock Buzz) on conducting oil exploration in the region and a source from TPAO, who declined to named, said those talks were progressing positively.
"The talks with Exxon Mobil on oil exploration are on the verge of being completed with an agreement," a source at TPAO told Reuters, although the source declined to say when an accord might be signed.
"At the end of 2009 or start of 2010 drilling will start as planned. We have high expectations for this drilling," said another source at the Turkish Energy Ministry. Both sources declined to be named.
TPAO aims to launch production in 2015-2016 if drilling is carried out by 2010.
Mehmet Uysal, general director of TPAO, has said that $500 million has so far been invested in oil exploration in the Black Sea, where officials estimate the volume of reserves at 10 billion barrels.
The company is also working on plans for oil exploration in the Black Sea with Brazil's Petrobras.
Major oil importer Turkey has stepped up efforts in recent years to exploit hydrocarbon reserves in the Black Sea as it looks to diversify energy resources and reduce its fuel bill.
Ankara is also holding talks with Germany's RWE AG (RWEG.DE: Quote, Profile, Research, Stock Buzz) and U.S. Chevron (CVX.N: Quote, Profile, Research, Stock Buzz) on conducting oil exploration in the region and a source from TPAO, who declined to named, said those talks were progressing positively.
"The talks with Exxon Mobil on oil exploration are on the verge of being completed with an agreement," a source at TPAO told Reuters, although the source declined to say when an accord might be signed.
"At the end of 2009 or start of 2010 drilling will start as planned. We have high expectations for this drilling," said another source at the Turkish Energy Ministry. Both sources declined to be named.
TPAO aims to launch production in 2015-2016 if drilling is carried out by 2010.
Mehmet Uysal, general director of TPAO, has said that $500 million has so far been invested in oil exploration in the Black Sea, where officials estimate the volume of reserves at 10 billion barrels.
The company is also working on plans for oil exploration in the Black Sea with Brazil's Petrobras.
