Turkey's new oil drilling platform from S. Korea to arrive in early 2011

Turkey's new oil drilling platform, ordered from South Korea, will be available for oil exploration by early-2011, Turkey's energy minister said.

Turkey's new oil drilling platform from S. Korea to arrive in early 2011

Turkey's new oil drilling platform, ordered from South Korea, will be available for oil exploration by early-2011, Turkey's energy minister said on Saturday.

Taner Yildiz told a conference on energy efficiency that Turkey's order was under construction in South Korea and that it would cost around $1.5 billion.

The new oil rig will join Leiv Eiriksson, one of the world's largest rigs that started oil and gas explorations off Black Sea earlier this year as part of a deal signed last year by Turkish petroleum company TPAO and Brazil's state oil company Petrobras.

Yildiz said the new platform would explore oil at a dept of 12,000 meters.

"This is a process only to drill oil from one well. Such efforts are made only for an adventure in the Black Sea," he said. "When we find oil, another process will begin and it will take eight years."

Earlier this year, Leiv Eiriksson, which set off from Norway months ago, passed through Turkish straits and reached Sinop on the north coast of Turkey to explore oil at a depth of 6,000 meters with a daily cost of up to $1 million.

The platform will stay in the Black Sea for five years.

Turkish officials are very hopeful about drilling operations in the Black Sea which is believed to harbor huge underwater oil and natural gas reserves. Recent seismic researches estimate a 10-billion barrel oil reserve in the region.

In January 2010, Exxon Mobile announced that it signed a deal with Brasil's

Petrobras to partake in the consortium with 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 Pertobras holding 25 percent and TPAO 50 percent shares in the consortium.

Reuters

Last Mod: 01 Mayıs 2010, 15:56
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