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Exxon Mobil discusses shale gas exploration in Turkey

  • As the shale gas boom continues, Exxon Mobil (XOM) is now looking for new investment in Turkey. The company is discussing possible exploration with Turkish Petroleum Corp. for shale gas in the country's southeast and northwest regions.
Comments (2)
  • Moshe Ben-Reuven
    , contributor
    Comments (151) | Send Message
     
    One wishes that instead of looking to doubtful prospects in Turkey (likely with massive Exim Bank, WorldBank financing?) ExxonMobil would straighten out its own Marcellus shale operation, called XTO, a known leggard at the Marcellus.

     

    This Turkey Overture cannot be but a means to induce large sovereign debt, then leave behind the unprofitable mess, same as the looming debt and low prospect at the Marcellus. No doubt XOM will make money from the initial activity, about 18 months. And the big decline after the first year? Turkey can have that.
    23 Jun, 08:35 AM Reply Like
  • User 353732
    , contributor
    Comments (4887) | Send Message
     
    Turkey has significant shale resources and an oil and gas investment milieu far more favorable than, say California or New York. XOM is slowly but methodically building a very large global portfolio of shale opportunities: some for immediate development; some for the next decade and the rest for 15 to 20 years from now. XOM's strategic horizon is maybe 50 years, more than that of most nations
    23 Jun, 02:02 PM Reply Like
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