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Turkiye Petrolleri and Chevron Invest on Black Sea Drilling
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Turkey’s state-owned oil company Turkiye Petrolleri AO agreed with Chevron Corp. to invest $500 million to explore in two wells in the country’s Black Sea waters, Sabah said, without saying where it got the information.
Chevron and Turkiye Petrolleri will be equal partners in the venture, the Istanbul-based newspaper reported. The agreement, yet to be ratified by the Turkish cabinet, will pay an upfront of $50 million to Turkiye Petrolleri to share its exploration license, it said.