A Chevron subsidiary has signed an agreement with Turkey’s state oil company, Türkiye Petrolleri Anonim Ortakligi (TPAO), to explore the Black Sea.

Under the joint operation agreement Chevron will buy a 50% interest in a western portion of licence 3921, an 8,700 square mile block in north-west Ankara.

TPAO will hold the remaining 50% and will be the operator of the initial exploratory well, which is currently being drilled.

Based on the success of the initial well a 3D seismic will be required and an additional exploratory well will be drilled by TPAO during 2012.