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Petrobras and Turkish national oil corporation sign an agreement to operate in the Black Sea

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-2022 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.

Pierre Perrin-Monlouis
Pierre Perrin-Monlouis
Fondateur de Rente et Patrimoine (cabinet de gestion de patrimoine), Pierre Perrin-Monlouis est un analyste et trader pour compte propre. Il vous fait profiter de son expérience en trading grâce à ses analyses financières et décrypte pour vous les actualités des marchés. Son approche globale des marchés combine à la fois l'analyse technique et l'analyse fondamentale sur l'ensemble des marchés : crypto, forex, actions et matières premières.