Petrobras, Turkish Petroleum Sign Pact to Operate in Black Sea
|Tuesday, May 05, 2009
Petrobras, by means of its Petrobras Oil & Gas B.V. Turkey subsidiary, and Turkish Petroleum Corporation (TPAO), the Turkish national oil company, signed a farm-out agreement for the Leiv Eiriksson drilling rig, which will operate in the Black Sea, on April 30.
This partnership was made after the signature of the drilling service agreement between Petrobras and Ocean Rig, on April 8, through which Petrobras secured the right to use the drilling unit in the Black Sea for a three-year period.
Via the agreement, Petrobras authorizes TPAO to use the Leiv Eiriksson drilling rig to drill one of its seven wells in the Black Sea, with the possibility to extend the services to additional wells. The rig is expected to arrive in Turkey in late 2009, and drilling operations are slated to begin in the Sinop well, which Petrobras is the operator of, in the first quarter of 2010. The signature of these two documents represents the efforts of Petrobras, alongside TPAO, to assess the oil potential of the deep waters of the Black Sea, one of the world’s last oil frontiers.
About the Leiv Eiriksson drilling rig
The Leiv Eiriksson rig was built in 2001 and is capable of performing drilling operations in water depths of more than 2,000 meters. Its total drilling capacity is of upwards of 9,000 meters. The rig is 119 meters long, 85 meters wide and can lodge up to 140 people.
Petrobras in Turkey
Petrobras kicked-off its activities in Turkey in February 2006, when it was the highest bidder for exploration and production in two blocks in the Black Sea. As a result, Petrobras and TPAO signed operation agreements that ensured 50% stakes for each company for the exploration and production of blocks 3920 (Kirklareli) and 3922 (Sinop). In late 2008, Petrobras completed the commitments it had taken-on to perform seismic studies and is now beginning the well-drilling phase.
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