ExxonMobil to explore deep waters offshore Turkey
This article is extracted from International Oil Letter, Vol 24 issue 46, published 24 November 2008.
The deepwater Black Sea is getting another major player now that ExxonMobil and Turkiye Petrolleri A.O. (TPAO) have signed an agreement to explore two large blocks. ExxonMobil will become the operator during the initial exploration phase and earn a 50% interest in the 8,500 sq km Samsun Block and the eastern portion of 3921 Block (about 21,000 sq km). According to Reuters, Exxon and TPAO will invest between US$ 400 to US$ 450 million in this first stage. Seismic acquisition and evaluation programs are currently being operated by TPAO and are scheduled for completion in 2009.
TPAO is also offering farm-in equity in 3534 and 3923. Chevron and Germany's RWE are believed to be holding negotiations with TPAO on oil exploration in the Black Sea as well. In early February 2008, TPAO announced that it would commence joint oil exploration with Petrobras in the Black Sea in 2009 rather than 2011 as previously planned. Petrobras is expected to invest US$ 400 million in oil exploration in the Black Sea in the next four years. TPAO has stated that it hopes to find a minimum of 5 billion barrels of oil in the Black Sea region jointly held with Petrobras.
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