ExxonMobil, Petrobras and the Turkish National Oil Company (TPAO) have entered into a farm-in agreement to conduct hydrocarbons exploration in the deepwater Black Sea, offshore Turkey.
ExxonMobil Exploration and Production Turkey will acquire a 25% stake in the Sinop, Ayancik and Çarsamba sub-blocks of the AR / TPO / 3922 exploration licence, while operator Petrobras will hold 25% stake and TPAO will take a 50% stake.
The agreement, which is subject to approval by the Turkish Government, is spread across 7.4m acres.
TPAO said the Black Sea could generate 1.5trn cubic metres of natural gas and 10bn barrels of oil.
Last year, Petrobras announced that $300m would be invested in the Black Sea during 2009-10.
The deal builds on a pact between ExxonMobil and TPAO signed in November 2008 to explore the eastern part of the AR / TPO / 3921 exploration licence and the Samsun block of AR / TPO / 3922 exploration licence in the Black Sea.