SAN RAMON, Calif. - Chevron Corp., one of the world's largest oil companies, said Monday that its Turkish subsidiary has signed an agreement with Turkey's state oil company for a license to explore and drill in the Black Sea.
Chevron will get a 50 percent interest in a western portion of an 8,700 square mile block located 220 miles northwest of the capital city of Ankara.
Turkey's state oil company holds the remaining 50 percent and will be the operator of an initial exploratory deepwater well currently being drilled. If the initial well is successful, an additional exploratory well will be drilled in 2012.
Chevron would become operator during any future development of the project under the agreement.
Chevron's current interests in Turkey include marine transportation and pipeline operations.
Its shares rose $1.36, or 1.7 percent, to $79.82 in midday trading Monday.
Last modified onSaturday, 06 May 2017 10:07