• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 5 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 1 min A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 5 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 31 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 12 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 18 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 3 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 18 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 16 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 11 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 10 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel

TURKEY: Tipping Point for Offshore Exploration

Bottom Line: An agreement between Shell and Turkey’s national oil company (TPAO) for western Black Sea exploration will start the ball rolling for Turkey’s energy ambitions. We’ve been waiting for that one ‘big find’. This is where it will be.

Analysis: Investing in exploration in Turkey’s Black Sea coast has been a bit tricky due to territorial/resource disputes with the Greek-Turkish divided island of Cyprus, so things have gotten off to a slow start. In September, Shell began evaluating Turkey’s western Black Sea to determine its potential. At least 15 oil and gas deposits have already been discovered in the Black Sea, but none of them in Turkish territory. Geological research shows potential but the process has been hindered by data that is kept at a national level by the countries on the Black Sea (Turkey, Ukraine, Romania and Bulgaria) and there are various interpretations. The deep-water area of the Western Black Sea basin has thick Tertiary sequences that look particularly promising. 

Black Sea Oil Permits

Recommendation: Keep an eye on developments in Turkey over the course of 2013. It won’t happen fast, but this year could be the year of the big find, and both juniors and majors are already hard on this scene because even without the big find, Turkey has a lot to offer in terms of fiscal arrangements, massive infrastructure and good governance. There should be more onshore leases available as the majors abandon these to explore offshore in the Black Sea.




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play