Chevron’s Turkish subsidiary has signed a joint operation agreement with Turkey’s state oil company for an exploration license in the Black Sea. “This agreement represents a significant exploration entry into a highly prospective new basin,” said George Kirkland, Chevron vice chairman.
The company will acquire a 50% interest in a western portion of License 3921, an 8,700-sq-mi (22,505 sq-km) block located 220 miles (350 km) northwest of the capital city of Ankara. Türkiye Petrolleri Anonim Ortakligi (TPAO) holds the remaining 50% interest in the license and will be the operator of the initial exploratory well being drilled. If the initial well is successful, 3D seismic will be acquired and an additional exploratory well will be drilled by TPAO during 2012.
Chevron would become operator during any future development of the project.
“We look forward to bringing our technological expertise, global deepwater experience and critical focus on safety to this joint venture exploration program,” Mr Kirkland said.