Exxon Mobil Corp. (XOM) and Petroleo Brasileiro S.A. (PBR) said Tuesday they struck a deal with the Turkish National Oil Co. (TPAO) to drill for deepwater oil and gas in the Black Sea.
Exxon Mobil Corp. (XOM) and Petroleo Brasileiro S.A. (PBR) said Tuesday
they struck a deal with the Turkish National Oil Co. (TPAO) to drill for
deepwater oil and gas in the
Black Sea
.
ExxonMobil will get a 25% stake in the Sinop, Ayancik and Car amba sub-blocks
of the AR/TOP/3922 exploration license in the
Black
Sea
off
Turkey
. Petrobras
will retain a 25% interest and remain the operator. TPAO will own 50%.
The agreement, which covers 7.4 million acres, underscores the efforts international
oil companies are taking to replenish their hydrocarbon reserves. Most of the
new oil reserves lie in reservoirs that were impossible to profitably drill
only a few decades ago, such as shale gas, oil sands and deepwater oil and gas
fields.
The agreement, which is subject to approval by the Turkish government, builds
on a November 2008 deal between Exxon of Irving, Texas, the world's largest oil
company, and TPAO.
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