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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