Madison Oil Co., Dallas, Tex., has agreed to purchase BP subsidiary ARCO Turkey Inc. for an undisclosed amount.
ARCO Turkey owns 19.6% working interest in Cendere field in south central Turkey. The field, operated by Turkish National Oil Co., has produced 12.7 million bbl and was producing 2,600 b/d of oil from 13 wells�540 b/d net to ARCO. Partners in the field will spud the Cendere No. 17 development well this month.
Madison Oil owns an interest in 2.1 million acres in four geologic provinces in Turkey and has a 12.5% royalty interest in Zeynel oil field in southeast Turkey's Gaziantep region.
Madison's President and CEO J. Joseph Ciavarra said, "ARCO Turkey is a strategic acquisition for Madison. It adds significantly to our existing production and reserves in Turkey and furthers our business plan to expand operations in this core area. � We expect that the transaction will be completed within the next 60 days."
BP acquired ARCO in April.
