The Turkish Petroleum Corporation (TPAO) will begin talks with US oil company Chevron over joint exploration for oil off the Black Sea coast.
The Turkish Petroleum Corporation (TPAO) will begin talks with US oil company Chevron over joint exploration for oil off the Black Sea coast. TPAO officials informed that they are currently in contact with Chevron and will initiate official negotiations in January. Chevron had previously announced it was interested in conducting oil exploration off Turkey's Black Sea coast. If TPAO and Chevron agree, this will be the second US company to be included in oil exploration in the Black Sea region. TPAO signed a deal with Exxon Mobil Corp. -- another US oil company -- for the joint exploration and development of oil and natural gas off Turkey's Black Sea coast.
Turkey imports almost all of its oil. The government recently decided to pursue a policy of searching for alternative sources of oil both in the Mediterranean and the Black seas to reduce dependence on foreign sources. TPAO estimates that the Black Sea may hold some 10 billion barrels of oil, enough to cover Turkey's oil needs for the next 50 years.