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
Latest from Admin TOA
- Looting hit a Turkish-owned pharmacy store in the U.S
- Washington D.C. Mayor Muriel Bowser unveils large street banner reading 'Black Lives Matter'
- Turkish Americans in the 2020 Elections!
- Candan Tamerler, Ph.D. Elected as President of TASSA
- Undocumented Students Generated Up to $132 Million in Relief to Colleges—But They Won’t Receive a Dime From the Stimulus