Exxon Mobile joins Turkish Black Sea exploration accord

Exxon Mobile Corporation announced Tuesday it signed a deal with Brasil's Petrobras to partake in the consortium with Turkish Petroleum Corporation (TPAO)in a quest to find oil in the Black Sea.Exxon said that under the deal it purchased 25 percent share of rights over a 3 million hectare area in Sinop, Ayancik and Carsamba shores, with Petrobras holding 25 percent and TPAO 50 percent shares in the consortium.

However, the deal needs to be ratified by the Turkish government to take effect.

In April 2009, Turkey's TPAO and Brazil's Petrobras signed an agreement for the exploration of oil in the Black Sea.

Recently the massive deep-water oil platform "Leiv Eiriksson", which set off from Norway months ago, passed through the straits and reached Sinop, to explore oil at a depth of 6,000 meters with a daily cost of up to 1 million U.S. dollars.

The platform will stay in the Black Sea for five years, according to the semi-official Anatolia news agency.Turkish officials are very hopeful about drilling operations in the Black Sea which is believed to have huge underwater oil and natural gas reserves.

Recent seismic researches estimate a 10-billion barrel oil reserve in the Black Sea.

Claim Your Free Book "Make Real Money On The Internet"