ExxonMobil returns to the Black Sea, but in the Turkish area
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Turkish Petroleum (TPAO) and a subsidiary of the US group ExxonMobil have signed a memorandum of understanding in the oil and gas sector, covering new exploration areas in the Black Sea, the Mediterranean Sea, and other potential areas, Energy Minister Alparslan Bayraktar announced on Thursday, Reuters and the Turkish publication Daily Sabah reported.
The agreement, signed between TPAO and ESSO Exploration International Limited, is intended to increase operational efficiency and pave the way for new discoveries, the Turkish official said.
He added: “By combining technical capabilities in the field of deep-sea exploration and drilling with ExxonMobil’s international experience, we want to improve our operational efficiency and pave the way for new discoveries.”
In 2024, the Turkish company BOTAS signed an agreement with ExxonMobil for the supply of liquefied natural gas (LNG). In recent years, Ankara has expanded its efforts to explore deposits and increase its gas and oil production, especially at the Sakarya gas field in the south of the country.
ExxonMobil exits the Romanian Black Sea
ExxonMobil withdrew from the Neptun Deep natural gas project in the Black Sea, in the Romanian sector, at the end of 2021, completing the transaction to sell its stake in August 2022 to the Romanian company Romgaz.
The main official reason was a reorientation of the company’s global strategy, but legislative uncertainties in Romania, namely changes related to taxation and the lack of stability and predictability in the new offshore law, also played a role.
Despite investments of over $1.5 billion in exploration and evaluation by partners (ExxonMobil and OMV Petrom), legislative uncertainties prevented the final investment decision (FID) for the full development of the field, which contributed to the decision to withdraw.
The company reached an agreement to sell its stake to the Romanian state-owned company Romgaz in November 2021.
After ExxonMobil left, the law was changed, Romgaz took over the partnership with OMV Petrom, and the Neptun Deep project advanced, with the final investment decision subsequently being made by the two companies. The first gas is due to reach shore in 2027.
