Chevron (NYSE:CVX) announced that its Turkish subsidiary has signed a Joint Operation Agreement with Turkey's state oil company for an exploration license in the deepwaters of the Black Sea.
"This agreement represents a significant exploration entry into a highly prospective new basin," said George Kirkland, vice chairman, Chevron Corporation. "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 percent interest in a western portion of License 3921, an 8,700 square mile (22,505 square km) block located 220 miles (350 km) northwest of the capital city of Ankara. Türkiye Petrolleri Anonim Ortakl g (TPAO) holds the remaining 50 percent interest in the license and will be the operator of the initial exploratory well currently 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. Chevron's interests in Turkey include marine transportation and pipeline operations.