Exxon Mobil (XOM) is so confident of prospects in the Black Sea it will spend $735M to drill just two deepwater wells off Ukraine’s coast, and the government plans to sign a completed exploration agreement with XOM later this year, according to an energy ministry official. The Black Sea is almost untouched by the oil industry, with fewer than 100 wells drilled vs. more than 7,000 in the North Sea.
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