Turkey ratifies deepwater E&P accord

Turkey’s government has approved a deepwater exploration agreement in the Black Sea between state-owned company TPAO and ExxonMobil Exploration and Production Turkey.

Offshore staff

IRVING, Texas -- Turkey’s government has approved a deepwater exploration agreement in the Black Sea between state-owned company TPAO and ExxonMobil Exploration and Production Turkey.

Under the agreement, signed last November, the two oil companies will jointly explore prospects in the Samsun Block, covering an area of 2 million acres (8,500 sq km), and the eastern portion of 3921 Block, which extends across 5 million acres (21,000 sq km).

Water depths are up to 6,500 ft (2,000 m). ExxonMobil will be operator in both blocks with a 50% interest, but the two companies intend to pool their operational capabilities during all phases of evaluation up to potential development.

In December, ExxonMobil signed a separate agreement with Petrom to explore deepwater parts of the Romanian sector of the Black Sea.

06/08/2009

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