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.