The quest for black gold, oil is an ever on going saga of the modern age. US-based ExxonMobil, the biggest privately-controlled oil company in the world, will make a new investment in Russia for the first time in over a decade as Moscow seeks to thaw its frosty investor climate and keep its oil flowing. The Black Sea is considered to be as rich in oil reserves as the Caspian Sea by some experts, but its real potential is not yet explored.
Russian state oil company Rosneft will develop over a billion tons of Black Sea oil using a $1 billion investment by ExxonMobil, whose relationship with the world’s top oil producing country has been so far poor in the 21st Century. This is not the only endeavor in the area. The virtually land locked Black Sea has six countries on its shores. Each one would like to develop its potential. Each one will have its potential environmental consequences.