Toreador: Black Sea project shut down due to damage

SAN FRANCISCO (Thomson Financial) – Shares of Toreador Resources Corp. fell Monday after the Dallas-based energy company said that, over the weekend, production in the South Akcakoca sub-basin project in the Black Sea was shut down by the Turkish national oil company because of damage to the pipeline spur running to the Akkaya platform.

There did not appear to be any damage to the rest of the SASB pipeline system, Toreador added.


The likely cause of the damage was a fishing boat, the company said. Since the likely cause is covered by insurance, the cost of the repair work should be reimbursable, Toreador said.

Forbes