As per the terms of the farm-in agreement, ExxonMobil Exploration and Production Turkey will acquire a 25% interest in the Sinop, Ayancik and Carsamba sub-blocks of the AR/TPO/3922 exploration license. Petrobras will retain a 25% equity interest in the block and will remain the operator. TPAO holds the remaining 50% interest.
Mehmet Uysal, CEO of TPAO, said: “We look forward to utilizing the technologies and expertise of all three companies as we explore for potential commercial resources in the Black Sea.”
Russ Bellis, exploration director of ExxonMobil International, said: “We are pleased to add this prospective acreage to our global portfolio and expand our presence in the deepwater Black Sea.”
The agreement covers approximately 7.4 million acres and is subject to approval by the Turkish government.
The revealation builds on an agreement signed between ExxonMobil and TPAO in November 2008 to jointly explore deepwater prospects in the Samsun block of AR/TPO/3922 exploration license and the eastern portion of AR/TPO/3921 exploration license in the Black Sea.
