Turkish Petroleum Inks Agreement With Exxon & EOG

The news was announced by Turkish Petroleum Corporation (TPAO) Chief Executive Mehmet Uysal.

"We have signed a non-disclosure agreement with Exxon Mobil for the exploration of oil in the region of southeastern Anatolia," Uysal told a news conference.

Uysal said TPAO believed the Black Sea had 10 billion barrels of crude and 1.5 trillion cubic metres 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 billion from a previously announced $3.5 billion.

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.

Author: Ksenia Kochneva