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Chevron Partners With TPAO In Deepwater Black Sea License

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September 20, 2010

The Turkish subsidiary of global supermajor Chevron Corp., San Ramon, Calif., (NYSE: CVX) reports it will jointly operate an exploration license in the Black Sea with Turkey's state oil company.

"This agreement represents a significant exploration entry into a highly prospective new basin," says George Kirkland, Chevron vice chairman. "We look forward to bringing our technological expertise, global deepwater experience and critical focus on safety to this joint-venture exploration program."

Chevron will acquire a 50% interest in a western portion of License 3921, an 8,700 square-mile block located 220 miles ...

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