Turkiye Petrolleri AO and Statoil Join to Explore Oil Black Sea

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Turkiye Petrolleri AO of Turkey’s state oil company and Statoil ASA, Norway’s biggest oil and gas producer, are forming a join partnership to explore for oil in the Black Sea, “Statoil will do exploration in the Black Sea,” said Yildiz, speaking at a conference in Istanbul today. “They will soon start talks with TPAO for a joint venture.”

Statoil , the Norwegian company approached Yildiz about a week ago with a proposal to work with TPAO in Turkey, Baard Glad Pedersen, a spokesman, said by phone today. Statoil, which has no operations in Turkey, has not met with TPAO yet, Glad Pedersen said. “We believe this is an area with potential that’s why we’re taking this initiative,” he said.

Statoil, which has operating rights on about 80 percent of Norway’s oil and gas production, is expanding abroad to counter dwindling North Sea reserves. Oil output offshore Norway is forecast to drop 6 percent in 2010, declining for a 10th year, according to the Norwegian Petroleum Directorate. Statoil is ceasing investment in Iran, which neighbors Turkey, under U.S. pressure. President Barack Obama in July signed a law broadening the scope of sanctions against Iran.

Turkiye Petrolleri or TPAO has joint ventures with Chevron Corp., Exxon Mobil Corp. and Petroleo Brasileiro SA in the Black Sea. Turkey and China may cooperate in coal-fired and nuclear power projects. He said the country, currently in talks with South Korea to build a nuclear power plant.