ExxonMobil signs Black Sea exploration agreement in Turkey

By OGJ editors
HOUSTON, Nov. 19 -- An ExxonMobil Corp. affiliate signed an agreement with Turkey's state oil company TPAO to explore two large deepwater blocks off Turkey, marking ExxonMobil's entry into Black Sea exploration.

ExxonMobil Exploration & Production Turkey BV will be operator in the initial exploration phase and earn a 50% interest in the 8,500 sq km Samsun Block and the 21,000 sq km eastern portion of the 3921 Block, which lie in 2,000 m of water. The two blocks are in the Black Sea basin and are separated by a lease held by TPAO and Brazil's Petroleo Brasileiro SA (Petrobras).

TPAO and ExxonMobil will merge skills and operational abilities during the development and production phases 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 E&P. "We look forward to bringing our global deepwater experience to this prospective unexplored area."

Mehmet Uysal, TPAO president and chief executive officer, said the two companies "have all the tools required" to evaluate and develop a discovery and plan an "aggressive" exploration program.

ExxonMobil affiliates or predecessor companies have been operating in Turkey for more than 100 years. It has a lubes blending plant in Istanbul as well as finished lubricants, aviation fuels, and marine fuels sales throughout the country.