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Chevron acquires Turkish Black Sea deepwater block

By OGJ editors
HOUSTON, Sept. 20
-- Chevron Corp. continued its push to acquire deepwater interests outside the US Gulf of Mexico with acquisition of an interest in a block in a new deepwater basin in the Black Sea off Turkey.

Turkey's state Turkiye Petrolleri Anonim Ortakligi (TPAO) is already drilling the first exploratory well on License 3921, which covers 8,700 sq miles 220 miles northwest of Ankara. TPAO operates the wildcat, and Chevron would operate any development.

Chevron is acquiring a 50% interest in the western part of the block, which extends into water more than 2,000 m deep. If the first well finds hydrocarbons, the companies will shoot 3D seismic and TPAO will drill another exploratory well in 2012.

The license is northeast of where a group led by Toreador Resources Corp. found gas in the South Akcakoca subbasin on the Black Sea shelf in the last decade. Toreador sold its interests in the producing Ayazli, Akkaya, and East Ayazli fields to private Norwegian operator Tiway Oil in order to exploit Toreador's shale oil assets in the Paris basin of France (OGJ Online, Oct. 1, 2009).

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