Exxon Mobil and Petrobras will each have a 25 percent stake in the TPAO-Petrobas blocks off the coast of Turkey in the Black Sea, the statement said. TPAO will hold the remaining 50 percent. The deal, which covers exploration over an area of 3 million hectares (7.413 million acres) in the Black Sea, will take effect once approved by the Turkish government. Petrobras said last year it expected investments in the Black Sea totaling $300 million in 2009-2010. TPAO has said it sees the Black Sea yielding as much as 10 billion barrels of oil and 1.5 trillion cubic meters of natural gas. TPAO General Director Mehmet Uysal, assessing the agreement, noted that they are eager to benefit from the technology and expertise of the three companies. Exxon Mobil Exploration Director Russ Bellis also expressed his pleasure over widening their global portfolio and expanding the company’s presence in the Black Sea.
Petrobras and TPAO are jointly conducting an oil-drilling operation in the Black Sea. The Leiv Eiriksson arrived in the Black Sea early this month as part of the ultra-deep drilling project.
