Chevron Corporation (NYSE:CVX) announced today that its Turkish subsidiary has signed a Joint Operation Agreement with Turkey's state oil company for an exploration license in the Black Sea.
Chevron Corporation (NYSE:CVX) announced today that its 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, 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
. Turkiye
Petrolleri Anonim Ortakl1 1 (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 is pleased to have been selected as a partner for this
exploration opportunity in
Turkey
,"
said Guy Hollingsworth, President of Chevron Europe,
Eurasia
,
Middle East Exploration and Production. "We're looking forward to
expanding our partnership with TPAO and the Turkish Government and helping to
develop the country's offshore resources."
Chevron's interests in
Turkey
include marine transportation and pipeline operations.
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