• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 3 hours How Is Greenland Dealing With Climate Change?
  • 44 mins China Car Sales Plummet: Can Musk Unshovel His Groundbreaking?
  • 12 hours "Peace Agreement" Russia vs Japan: Control Over Islands Not Up For Discussion
  • 4 hours How Much Oil Does Aramco Have?
  • 2 hours Venezuela continues to sink in misery
  • 15 hours China's Exports Shrink Most In Two Years, Raising Risks To Global Economy
  • 1 day Solid-State Batteries
  • 16 hours BofA Sees Oil at $35-70
  • 10 hours Spy&State: Huawei Founder Says Firm Does Not Spy For China
  • 29 mins Socialists want to exorcise the O&G demon by 2030
  • 11 hours Oil Slide Worries Traders. *relax* This Should Get Sorted by Year End.
  • 23 hours protests in Canada over pipeline
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 17 hours Bolsonaro Wins in Brazil
Alt Text

New Audit Shows Higher Aramco Oil Reserves

A new independent audit of…

Alt Text

America’s Remarkable Dual Achievement In Energy

The director of the American…

Alt Text

OPEC Cuts Are Already Paying Off

Despite troubling economic data from…

Jen Alic

Jen Alic

 

More Info

Trending Discussions

Exxon Takes $735M Black Sea Plunge

Exxon Mobil Corp (XOM) is reportedly preparing to spend a whopping $735 million to drill two deep-water wells offshore Ukraine, in the Black Sea.

The deal involves a $335 million signing bonus for the government of Ukraine, plus a commitment by Exxon to spend another $400 for seismic surveys and the drilling of two wells. The full exploration agreement between the government of Ukraine and Exxon should be signed later this year, and then we should see more offshore blocks on offer to other super majors willing to take the expensive plunge, according to Bloomberg, citing the Ukrainian Energy Ministry.

Related articles: British North Sea Oil Decline Opens Window for Smaller Producers

The deal implies enormous confidence on the part of Exxon in the virtually unexplored Black Sea, where waters as deep as 1.4 miles and fewer than 100 wells have been drilled. No one has any idea how much oil and gas lies beneath these waters.

Part of the optimism stems from success in neighboring Romania, where Exxon and Austria’s OMV have the Neptun block and the 2012 Domino-1 gas discovery and its potential output of about 630 million cubic feet a day. 

For Black Sea exploration, we’re looking at Ukraine, Romania, Bulgaria and Turkey. Turkey’s already spend over $2.5 billion on offshore exploration in the Black Sea and is banking in this to be where it makes its one big find.

By. Jen Alic of Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News