Exxon (XOM), TPAO May Enter Black Sea Collaboration
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Price: $136.54 -0.73%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3.2%
Revenue Growth %: +35.3%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 3.2%
Revenue Growth %: +35.3%
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Exxon Mobil (NYSE: XOM) is melting higher on the session Tuesday following earlier reports it might be in discussions for a stake in the Black Seas.
Reuters said that Exxon and Turkey's state-owned TPAO could be in cahoots for the play. TPAO CEO Besim Sisman said the block was on the Ukraine and Romania side, without giving further details on the asset.
Though Turkey has yet to find oil, it has been stepping up exploration efforts in the Black Sea as it looks to reduced dependence on imports of the commodity.
TPAO doesn't plan any bids on Algerian assets and operates four plays in Iraq. The company plans to bid on Lebanon assets, which it will do with Royal Dutch Shell (NYSE: RDS-A).
Shares of Exxon are down just 0.2 percent.
Reuters said that Exxon and Turkey's state-owned TPAO could be in cahoots for the play. TPAO CEO Besim Sisman said the block was on the Ukraine and Romania side, without giving further details on the asset.
Though Turkey has yet to find oil, it has been stepping up exploration efforts in the Black Sea as it looks to reduced dependence on imports of the commodity.
TPAO doesn't plan any bids on Algerian assets and operates four plays in Iraq. The company plans to bid on Lebanon assets, which it will do with Royal Dutch Shell (NYSE: RDS-A).
Shares of Exxon are down just 0.2 percent.
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