2010-03-10-2010-01-12-2010-01-12

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
MM
Description

Farm in to acquire 25% WI in Sinop, Ayancik & Çarşamba sub-blocks of AR/TPO/3922 on 7.4 MM acres in Turkish Black Sea.

An affiliate of ExxonMobil Corp., Irving, Texas, (NYSE: XOM) has signed an agreement with a Petrobras subsidiary and Turkey's national oil company to explore three deepwater blocks in the Black Sea.

As part of the farm-in agreement, ExxonMobil Exploration and Production Turkey BV will acquire a 25% interest in the Sinop, Ayancik and Çarşamba sub-blocks of the AR/TPO/3922 exploration license, which covers approximately 7.4 million acres in the Turkish Black Sea.

Petrobras, the national oil company of Brazil, will retain a 25% equity interest in the block and will remain the operator, while Türkiye Petrolleri Anonim Ortaklığı (TPAO) holds the remaining 50% interest.

The agreement is subject to approval by the Turkish government.

In late 2008, ExxonMobil and TPAO agreed to jointly explore deepwater prospects in the Samsun block of the AR/TPO/3922 exploration license and the eastern portion of AR/TPO/3921 exploration license in the Black Sea.

Petrobras began operations in Turkey in 2006. Since then, Petrobras has completed seismic surveys and is preparing to drill its first exploratory well in the country.