ExxonMobil, Petrobras sign Turkish accord

ExxonMobil and Petrobras have signed an agreement with a Petrobras affiliate and the Turkish National Oil Co. (TPAO) to explore for hydrocarbons in the deepwater Black Sea offshore Turkey.

Offshore staff

IRVING, Texas -- ExxonMobil and Petrobras have signed an agreement with a Petrobras affiliate and the Turkish National Oil Co. (TPAO) to explore for hydrocarbons in the deepwater Black Sea offshore Turkey. 

Under the terms of the accord, ExxonMobil Exploration and Production Turkey will acquire a 25% interest in the Sinop, Ayancik, and Çarşamba sub-blocks of the AR/TPO/3922 exploration license. Petrobras retains a 25% equity interest and will continue as the operator, with TPAO holding the remaining 50%.

"We look forward to using the technologies and expertise of all three companies as we explore for potential commercial resources in the Black Sea," said Mehmet Uysal, CEO of TPAO.

“We are pleased to add this prospective acreage to our global portfolio and expand our presence in the deepwater Black Sea,” added Russ Bellis, Exploration director, ExxonMobil International.

This agreement covers around 7.4 million acres (2.9 million ha) and is subject to approval by the Turkish government. It follows an earlier accord signed by ExxonMobil and TPAO in November 2008 to jointly explore Black Sea deepwater prospects in the Samsun block of the AR/TPO/3922 exploration license and the eastern portion of the AR/TPO/3921 exploration license.

01/12/2010

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