ExxonMobil Farms-in to Petrobras – TPAO Agreement Offshore Black Sea

Published January 14th, 2010 - 07:25 GMT

Exxon Mobil Corporation (NYSE:XOM) and Petrobras announced today that an ExxonMobil affiliate signed an agreement with a Petrobras affiliate and the Turkish National Oil Company (TPAO) to explore for hydrocarbons in the deepwater Black Sea offshore Turkey.

Under the terms of the farm-in agreement, ExxonMobil Exploration and Production Turkey B.V. will acquire a 25 percent interest in the Sinop, Ayancik and Çarşamba sub-blocks of the AR/TPO/3922 exploration license. Petrobras will retain a 25 percent equity interest in the block and will remain the operator. TPAO holds the remaining 50 percent interest.

"We look forward to utilizing the technologies and expertise of all three companies as we explore for potential commercial resources in the Black Sea," said Mehmet Uysal, CEO of TPAO.

"We are pleased to add this prospective acreage to our global portfolio and expand our presence in the deepwater Black Sea,” said Russ Bellis, exploration director, ExxonMobil International Limited.

This agreement covers approximately 7.4 million acres and is subject to approval by the Turkish Government. The announcement 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.

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