The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-Exxon in talks for stake in Turkey's Black Sea block

Tue, 11th Jun 2013 16:34

* No plans to bid for Algerian blocks

* To bid with Royal Dutch Shell offshore Lebanon

* Drilling first well for shale gas with Shell

By Nidhi Verma

NEW DELHI, June 11 (Reuters) - Exxon Mobil Corp isin talks with Turkey's TPAO to buy a stake in a block in theBlack Sea, and the country is on the hunt for shale gas in itsown territory, the acting head of the state-owned energy companysaid on Tuesday.

"ExxonMobil wants to be in the Black Sea with us, in deepoffshore," TPAO's acting president and chief executive, BesimSisman, told Reuters on the sidelines of an industry conference.

"It's on the Ukraine and Romania side," he added, withoutgiving further details on the talks between Turkey's state ownedenergy company and Exxon, the world's largest publicly-tradedoil company.

An Exxon spokesman said the company did not comment oncommercial discussions.

Turkey, keen to reduce its dependence on imports, hasstepped up exploration efforts in the Black Sea andMediterranean in cooperation with foreign companies. Turkey hasyet to find any oil.

Its domestic production is in decline and covered only about7 percent of demand in 2012, according to the InternationalEnergy Agency (IEA). Of its hefty imports, about 39 percent camefrom Iran in 2012 but sanctions have resulted in sharp cuts.

EXPLORING MORE?

The country is also seeking exploration and productionassets elsewhere in the region and is just starting to look forshale gas on its own territory.

Sisman said TPAO would not bid for blocks in Algeria, a turnaround from January when Energy Minister Taner Yildiz said TPAOplanned to take part in upcoming Algerian oil explorationtenders. He did not give a reason for the change.

In Iraq, "we have four projects and that is enough for us,"Sisman said, adding that "it is not our business to go to thenorth side of Iraq."

Turkey is hoping to work on exploration and production innorthern Iraq through commercial contracts with Russian and U.S.companies, Yildiz told Reuters last month, after Turkey's primeminister said that a Turkish company had a contract in placewith Exxon.

The country has increasingly courted Iraqi Kurdistan overoil and gas, upsetting the central government in Baghdad whichsays it alone has authority to control oil exports from Iraq.

Sisman said TPAO would join the latest bidding round forblocks offshore in Lebanon with Royal Dutch Shell Plc,which it already partners with in the Mediterranean and in shaleexploration.

TPAO is drilling a first well for shale gas with Shellcurrently, Sisman said, and is talking to other companies forfurther work in the sector.

"Small and big, they are coming to Turkey ... but we want tochoose only strong companies" with experience of fracking, theprocess used to extract oil and gas from shale rocks, he said.

Sisman said TPAO is scouting for oil assets in Africa as itwants to take more risk to generate higher returns.

More News
7 Jan 2022 08:17

LONDON BRIEFING: Shell warns on cash outflows but continues buybacks

LONDON BRIEFING: Shell warns on cash outflows but continues buybacks

Read more
7 Jan 2022 07:57

LONDON MARKET PRE-OPEN: Shell says buybacks to continue "at pace"

LONDON MARKET PRE-OPEN: Shell says buybacks to continue "at pace"

Read more
7 Jan 2022 07:49

Shell to proceed with share buyback 'at pace' despite weaker oil performance

(Sharecast News) - Royal Dutch Shell said its $7bn share buyback programme would continue "at pace" despite weaker oil product sales due to the Omicron Covid variant and forex headwinds in Turkey.

Read more
7 Jan 2022 07:27

UPDATE 3-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds share price)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue "at pace" a $7 billion share buyback largely funded from t...

Read more
7 Jan 2022 07:27

UPDATE 1-Shell to continue $7 bln buyback programme 'at pace'

(Adds detail)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COV...

Read more
7 Jan 2022 07:27

UPDATE 2-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds details, graphics)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue its $7 billion share buyback programme after selling ...

Read more
7 Jan 2022 07:10

Shell to continue $7 bln buyback programme 'at pace'

LONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COVID-19 variant.(Reporting b...

Read more
6 Jan 2022 23:48

U.S. court rejects laundromat owners' bid to block sale of Texas oil refinery to Mexico's Pemex

By Stefanie EschenbacherHOUSTON/MEXICO CITY, Jan 6 (Reuters) - A U.S. court on Thursday tossed out a request from two laundromat owners to block Mexican state oil company Petroleos Mexicanos (Pemex) from acquiring majority control of a Texas oil r...

Read more
6 Jan 2022 12:16

UPDATE 2-Key Kazakh oil fields pump despite protests

(Updates with Shell, details, background)By Ron Bousso and Rowena EdwardsLONDON, Jan 6 (Reuters) - Oil production at Kazakhstan's top three fields is continuing even as some contractors gathered outside the largest Tengiz field in support of protes...

Read more
6 Jan 2022 12:00

Shell-backed U.S. solar developer raises $775 million in equity

By Nichola GroomJan 6 (Reuters) - Silicon Ranch Corp, the U.S. solar project developer backed by Royal Dutch Shell, on Thursday said it raised $775 million in equity capital from new and existing investors.The announcement comes as renewable energ...

Read more
5 Jan 2022 09:54

UPDATE 2-Commodity-linked stocks lift UK's FTSE 100 after dull start

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Ocado, LSEG, Ferguson gain as brokerages raise share ratings* Gains in oil majors offset risk-off sentiment* FTSE 100 up 0.2%, FTSE 250 of...

Read more
4 Jan 2022 17:00

LONDON MARKET CLOSE: Stocks start 2022 in style as airlines fly higher

LONDON MARKET CLOSE: Stocks start 2022 in style as airlines fly higher

Read more
4 Jan 2022 12:04

LONDON MARKET MIDDAY: Bright start to 2022 as travel stocks take off

LONDON MARKET MIDDAY: Bright start to 2022 as travel stocks take off

Read more
3 Jan 2022 13:26

U.S. refiner HollyFrontier warns of lower than expected throughput

Jan 3 (Reuters) - U.S. oil refiner HollyFrontier Corp's fourth-quarter throughput will be lower than forecast, hit by weather and turnaround setbacks at refineries in Washington, New Mexico and Oklahoma, the company warned on Monday.Flooding in B...

Read more
31 Dec 2021 13:08

LONDON MARKET CLOSE: Muted finish as FTSE 100 rallies 14% in 2021

LONDON MARKET CLOSE: Muted finish as FTSE 100 rallies 14% in 2021

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.