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 northwest of the capital city of Ankara. Türkiye Petrolleri Anonim Ortakl??? (TPAO) holds the remaining 50% interest in the license and will be the operator of the initial exploratory well currently being drilled. If the initial well is successful, 3D seismic will be acquired and an additional exploratory well will be drilled by TPAO during 2012.
Chevron would become operator during any future development of the project.
"Chevron is pleased to have been selected as a partner for this exploration opportunity in Turkey," says Guy Hollingsworth, president of Chevron Europe, Eurasia, Middle East E&P. "We're looking forward to expanding our partnership with TPAO and the Turkish government and helping to develop the country's offshore resources."
Chevron's interests in Turkey include marine transportation and pipeline operations.
Recommended Reading
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.
Marathon Petroleum Sets 2024 Capex at $1.25 Billion
2024-01-30 - Marathon Petroleum Corp. eyes standalone capex at $1.25 billion in 2024, down 10% compared to $1.4 billion in 2023 as it focuses on cost reduction and margin enhancement projects.