2010 has been marked by a noteworthy development which saw major oil companies – spearheaded by American ones – turning their gaze towards the largely untapped oil sources of the Black Sea.
Oil in the Black Sea – a rapid development
In what is maybe the most spectacular deal, in June US giant Chevron teamed with Russian colossus Rosneft to create a joint venture to explore Russian Black Sea waters. The Romanians were not far behind, and after resolving a shelf dispute with neighboring Ukraine, swiftly moved to give no less than 5 permits over the summer to a number of companies, including once again a Russo-American consortium, this time between Lukoil and Vanco. Ukraine itself is claiming it has some 90 oil and gas structures, with about 20 of them ready to be developed....
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