Petrobras signs MOU with Turkey to expand deepwater exploration in the Black Sea

Source: Petrobras

Petrobras (PBR) signed a Memorandum of Understanding with the Turkish Petroleum Corporation (TPAO), aiming to expand deepwater exploration research in the Black Sea region of Turkey. 

The president of Brazil, Luiz Inácio Lula da Silva, Petrobras’ CEO, José Sergio Gabrielli de Azevedo, the prime minister of Turkey, Recep Tayyip Erdogan, and the CEO of TPA, Mehmet Uysal, attended the Memorandum signature ceremony in Brasília. On Friday, the Turkish prime minister will visit Petrobras' headquarters, in Rio de Janeiro.

In January, Petrobras, TPAO, and ExxonMobil signed a partnership agreement for the exploration of Block 3922 (Sinop), located in deep Black Sea waters, in Turkey. The drilling activities for the Sinop-1 well, located about 145 kilometers away from the city of Sinop, in ultra-deep Black Sea waters, were kicked-off in February. The region is considered as one of the world's last oil frontiers. 

Petrobras is the operator of the project, holding 25% of the equity stakes in it, while TPAO holds 50%, and ExxonMobil Exploration and Production Turkey B.V. holds the remaining 25% equity stakes in the Block's concession license.

In its operations in Brazil and in the world, Petrobras always pursues business opportunities that afford positive returns from the economic, social, and environmental viewpoints. Additionally, by associating with other companies, the Company seeks to drive the exchange of experiences and knowledge.



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