5/25/2009

Petrobras injects USD 300 million in Black Sea investment

Reuters - Brazilian oil and gas company Petrobras expects to invest USD 300 million in the Black Sea over the next two years, said International Director Jorge Luiz Zelada last week. Petrobras has agreed to explore two wells with the Turkish petroleum firm TPAO off the Turkish coast this year. "We are planning to invest USD 300 million in exploration activities in the Black Sea in 2009 and 2010. This is the cost of the two wells," said Zelada on the sidelines of a conference in Istanbul. Net energy importer Turkey has been in talks with oil producers such as the Chevron Corporation and Exxon Mobil for exploration in the Black Sea and southeastern regions, which Ankara hopes will yield resources to help it cut its dependence on foreign oil. TPAO sees the Black Sea yielding as much as 10 billion barrels of oil and 1.5 trillion cubic meters of natural gas. Production from the Black Sea may begin between 2017 or 2018 if drilling is started within the next three years, according to the state-owned company.