Brazilian mixed-capital oil giant Petrobras; the Turkish oil company Turkish Petroleum Corporation (TPAO); and ExxonMobil signed yesterday (11) in Rio de Janeiro, a partnership for the exploration of Block 3922 (Sinop),

located in deep waters in the Black Sea, in Turkey. According to the
contract, ExxonMobil Exploration and Production Turkey B.V. owns a 25%
stake in the block. Petrobras’s interest in the project is 25%, and
TPAO owns the remaining 50%.

According to the communique by the Brazilian oil company, the drilling
platform to be used in this project – the Leiv Eiriksson drilling unit
- arrived in Brazil in December 31. Drilling activities are expected to
start in the first quarter? of 2010 in the Sinop-1 well, located 145
kilometers away from the city of Sinop.

‘The document will provide for TPAO, Petrobras and ExxonMobil to grow
jointly in exploration activities in the Black Sea and take advantage
of the synergy existing among these companies,’ said Fernando Cunha,
Petrobras executive manager for the Americas, Africa and Eurasia.

Source: Investnews; Sao Paulo

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