Middle East Economic Survey


No 37



TPAO And Chevron To Form Black Sea Joint Venture

The Turkish Petroleum Corporation (TPAO) and US oil major Chevron are to form a 50:50 joint venture for the purpose of drilling two offshore wells in Turkeys section of the Black Sea off the coast of Zonguldak. While any discovery would be shared equally, if no discovery is made Chevron will cover the operational costs, estimated at $250mn per well. The Turkish cabinet must approve the...