9/21/2010

Chevron signs deepwater deal in Turkey

Reuters - Chevron Corp. said on Monday that it has acquired an interest in a deepwater exploration lease in Turkey's Black Sea as part of a joint operation agreement with TPAO, Turkey's national oil company. 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 on Turkey’s Black Sea coast. Turkey's national oil company holds the remaining 50 percent interest in the license and will be the operator of the initial exploratory well currently being drilled, said Chevron. Should the initial well prove successful, 3D seismic data will be acquired and an additional exploratory well will be drilled by Turkey during 2012. Chevron would become the operator during any future development of the project.
turkey; black sea; oil exploration; deepwater; chevron; tpao; oil well