ExxonMobil to explore offshore Turkey

ExxonMobil Exploration and Production Turkey has signed an agreement with Turkish national oil company, Türkiye Petrolleri Anonim Ortaklığı (TPAO), to explore in two large deepwater blocks offshore Turkey.

Offshore staff

IRVING, Texas -- ExxonMobil Exploration and Production Turkey has signed an agreement with Turkish national oil company, Türkiye Petrolleri Anonim Ortaklığı (TPAO), to explore in two large deepwater blocks offshore Turkey.

ExxonMobil will become operator during the initial exploration phase and earn a 50% interest in the Samsun block, which measures approximately 2 million acres (8,500 sq km) and the eastern portion of 3921 block, which measures approximately 5 million acres (21,000 sq km). Water depths reach 6,500 ft (2,000 m).

TPAO and ExxonMobil intend to collaborate to merge skills and operational abilities during the development and production phases, the company says. Seismic acquisition and evaluation programs for the two blocks are currently being operated by TPAO and are scheduled for completion in 2009. Assignment of the interest to ExxonMobil by TPAO is subject to Turkish government approval.

11/19/2008

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