ExxonMobil to explore deepwater blocks offshore Turkey
Exxon Mobil Corporation (NYSE:XOM) announced today its affiliate, ExxonMobil Exploration and Production Turkey B.V., has signed an agreement with Turkish national oil company, TPAO, to explore in two large deepwater blocks offshore Turkey, marking ExxonMobil’s entry into Black Sea exploration. ExxonMobil will become operator during the initial exploration phase and earn a 50 percent interest in the Samsun Block, which measures approximately 2 million acres (8,500 square kilometers) and the eastern portion of 3921 Block, which measures approximately 5 million acres (21,000 square kilometers). Water depths reach an approximate 6,500 feet (2,000 meters).
TPAO and ExxonMobil intend to collaborate to merge skills and operational abilities during the development and production phases. Seismic acquisition and evaluation programs for the two blocks are currently being operated by TPAO and are 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 Exploration Company. “We look forward to bringing our global deepwater experience to this prospective unexplored area.”
Mehmet Uysal, president and CEO of TPAO, said, “Together, TPAO and ExxonMobil have all the tools required to fully evaluate the potential of these blocks and safely develop whatever commercial quantities of oil and gas we discover. We look forward to working together on an aggressive exploration program to see what we can find.”
ExxonMobil affiliates are currently exploring for hydrocarbons in deepwater locations around the world, including offshore Angola, Brazil, Canada, Greenland, Ireland, Indonesia, Libya, Madagascar, Nigeria, The Philippines and the United States.
ExxonMobil affiliates or predecessor companies have been operating in Turkey for more than 100 years. Today, ExxonMobil’s presence in Turkey includes a lubes blending plant in Istanbul as well as finished lubricants, aviation fuels and marine fuels sales in important markets throughout the country.
