Turkey signs accord with Exxon Mobil

Bloomberg

Turkey transferred 50 percent of the rights to exploration off its northern coast to Exxon in return for the company taking on the risks associated with the search, Uysal said in Ankara.

Turkey is trying to reduce its dependence on imported energy and has plans to search for new resources and develop wind energy. This year the country invited bids from companies to build its first nuclear power plant.

The partnership with Exxon will launch seismic surveys of the seabed off the provinces of Kastamonu, Bartın and Samsun early next year, Uysal said. That will be followed by test wells, he said, without elaborating.