IRVING, Texas--(BUSINESS WIRE)--Jun. 8, 2009--
Exxon Mobil Corporation (NYSE: XOM) today announced the Turkish
government approved an agreement between its affiliate ExxonMobil
Exploration and Production Turkey B.V. and the Turkish national oil
company Türkiye Petrolleri Anonim Ortaklığı (TPAO) to explore two
deepwater blocks in the Black Sea.
ExxonMobil and TPAO signed the agreement in November 2008 to jointly
explore deepwater prospects in the Samsun Block, which measures
approximately 2 million acres (8,500 square kilometers) and the eastern
portion of 3921 Block, which measures approximately 5 million acres
(21,000 square kilometers). Water depths reach an approximate 6,500 feet
(2,000 meters).
ExxonMobil will be the operator and will earn a 50% interest in both
offshore blocks. TPAO and ExxonMobil intend to collaborate and utilize
the skills and operational abilities of both companies during all phases
of the block evaluation and potential development.
"We wish to thank the Turkish government for this approval and with it
we look forward to exploring with TPAO the hydrocarbon potential of
these deepwater Black Sea blocks,” said Russ Bellis, Exploration
Director, ExxonMobil International Limited. “We are bringing our global
deepwater experience to this prospective unexplored area.”
TPAO President and CEO Mehmet Uysal said, “TPAO and ExxonMobil will be
working closely together to assess the potential of these blocks. I
believe that we will find commercial quantities of oil and gas.”
In December 2008 ExxonMobil announced that it had further expanded its
presence in the Black Sea by signing an agreement with Petrom to explore
deepwater portions of the Neptun Block offshore Romania. ExxonMobil
affiliates are currently exploring for hydrocarbons in deepwater areas
offshore Angola, Brazil, Canada, Greenland, Indonesia, Ireland, Libya,
Nigeria, The Philippines and the United States, among others.
Learn more about ExxonMobil and deepwater
exploration.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans in
this release are forward-looking statements. Actual future results,
including resource recoveries and project plans and schedules, could
differ materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels; political or
regulatory developments; the results of exploration; the outcome of
commercial negotiations; and other factors discussed under the heading
"Factors Affecting Future Results" in the Investor Information section
of our website (www.exxonmobil.com)
and in Item 1A of our most recent Form 10-K. References to quantities of
oil and gas include amounts that are not yet classified as proved
reserves.
About TPAO
TPAO, Turkey's sole national oil company, was founded in 1954. Since its
foundation, TPAO has made pioneering efforts in all branches of
petroleum industry and implemented significant and strategic investments
successfully. In addition to vast onshore and shallow water operating
experience in Turkey, TPAO has interests in various projects in
Azerbaijan, Kazakhstan, and Libya. In 2004, TPAO announced its objective
to meet Turkey's increasing oil and natural gas demand through domestic
and international exploration and production projects. Since then TPAO
has significantly increased its domestic investments by setting a new
exploration strategy by extending its activities to unexplored basins of
Turkey, especially offshore.
For more information about TPAO, visit: http://www.tpao.gov.tr
About ExxonMobil and its presence in Turkey
ExxonMobil affiliates or predecessor companies have been operating in
Turkey for more than 100 years. In 1905, the Vacuum Oil Company began
selling lubricating oils in Turkey and in 1911 the Standard Oil Company
of New York began selling kerosene. Mobil Oil became the first
international company to receive an oil exploration permit in Turkey
when the Grand National Assembly (Meclis) passed the new Petroleum Law
in 1954. Today, ExxonMobil’s presence in Turkey includes a lubes
blending plant in Istanbul as well as finished lubricants, aviation
fuels and marine fuels sales in important markets throughout the country.
ExxonMobil is a global company present in most countries of the world
with an industry-leading inventory of discovered oil and gas resources,
a strong portfolio of proprietary technology and substantial growth
opportunities. The corporation’s resource base is 72 billion
oil-equivalent barrels and it has more than 100 major new development
projects and global gas and power marketing activities underway. Global
production of oil and gas extends from Australia to Alaska and from West
Texas to West Africa. The company is the world's largest
non-governmental marketer of equity natural gas, the largest global
refiner, manufacturer of lube basestocks, and supplier and marketer of
petroleum products, and one of the world’s leading manufacturers of a
wide range of petrochemicals and specialty chemical products.
Source: Exxon Mobil Corporation
ExxonMobil
David Eglinton, +44 1372 222261
