SAN RAMON, California -- Chevron has signed a joint operation agreement with Turkish state oil company Türkiye Petrolleri Anonim Ortaklıgı (TPAO) for an exploration license in the Black Sea.
“This agreement represents a significant exploration entry into a highly prospective new basin,” said Chevron Vice Chairman George Kirkland. “We look forward to bringing our technological expertise, global deepwater experience and critical focus on safety to this joint venture exploration program.”
Chevron will acquire a 50% interest in a western section of license 3921, an 8,700-sq mi (22,505- sq km) block 220 mi (350 km) northwest of Ankara.
TPAO holds the remaining 50%, and operates the initial exploratory well which is currently being drilled. If successful, 3D seismic will be acquired and TAPO will drill a further exploratory well during 2012. In the event of a field development, Chevron would take over as operator.