Petrobras, Turkish TPAO to enhance oil exploration research in Black Sea

Brazil's state-run oil and gas giant Petrobras Thursday signed a document with the Turkish Petroleum Corporation (TPAO) to enhance deep-water oil exploration research in Turkish Black Sea.

The Memorandum of Understanding was signed in Brazil's capital city Brasilia, in a ceremony attended by Brazilian President Luiz Inacio Lula da Silva, Petrobras's CEO Jose Sergio Gabrielli de Azevedo, Turkish Prime Minister Recep Tayyip Erdogan and TPAO's CEO Mehmet Uysal.

In January, Petrobras, TPAO, and U.S.company ExxonMobil signed a partnership agreement for the exploration of Block 3922 (Sinop), located in deep waters of Turkish Black Sea.

Petrobras is the operator of the project, holding a 25 percent stake of the business, while TPAO holds 50 percent, and ExxonMobil Exploration and Production Turkey B.V. hold the remaining 25 percent.

According to Petrobras, the drilling activities for the Sinop-1 well started in February. The well is located about 145 km from the city of Sinop in ultra-deep waters of the Black Sea. The region is considered as one of the world's last oil frontiers.

Petrobras said it always pursues business opportunities that can bring positive returns from the economic, social, and environmental viewpoints. It also said it is seeking to boost exchanges of experience and knowledge with other companies.

Source:Xinhua