ExxonMobil signs Black Sea exploration agreement in Turkey

by PegNews wire

Just in time for Thanksgiving. Aha, ah, haha.

IRVING — Exxon Mobil Corporation announced today its affiliate, ExxonMobil Exploration and Production Turkey B.V., has signed an agreement with Turkish national oil company, Türkiye Petrolleri Anonim Ortaklığı (TPAO), to explore in two large deepwater blocks offshore Turkey, marking ExxonMobil’s entry into Black Sea exploration.

TPAO and ExxonMobil intend to collaborate to merge skills and operational abilities during the development and production phases. Seismic acquisition and evaluation programs for the two blocks are currently being operated by TPAO and are scheduled for completion in 2009. Assignment of the interest to ExxonMobil by TPAO is subject to Turkish government approval.

“ExxonMobil is pleased to team up with TPAO to explore the hydrocarbon potential of these deepwater Black Sea blocks,” said Tim Cejka, president of ExxonMobil Exploration Company. “We look forward to bringing our global deepwater experience to this prospective unexplored area.”

Mehmet Uysal, president and CEO of TPAO, said, “Together, TPAO and ExxonMobil have all the tools required to fully evaluate the potential of these blocks and safely develop whatever commercial quantities of oil and gas we discover. We look forward to working together on an aggressive exploration program to see what we can find.”

Source: ExxonMobil