Despite the occasional setback – political and exploratory – the Black Sea continues to draw interest from international oil companies, including heavy hitters such as ExxonMobil, Total, Shell, Lukoil, Repsol. Fewer than 100 offshore wells have been drilled in the Black Sea and, until recently, its deeper waters remained mostly unexamined by seismic surveys In efforts to counter a drop in onshore production while reducing their reliance on imports from Russia, countries that border the Black Sea have launched bid rounds and entered production-sharing agreements with operators.
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