Testing the waters: Petrobras is all set to explore in the Black Sea
Petrobras eyes $300m Black Sea spend
Brazilian giant Petrobras sees its investments in the Black Sea totalling $300 million over the next two years, its international director Jorge Zelada said.
Petrobras agreed this year to drill two exploration wells with Turkish player TPAO in Turkey's sector of the Black Sea. .
"We are planning investments of $300 million in exploration activities in the Black Sea in 2009 and 2010. This is the cost of the two wells," Zelada told Reuters on the sidelines of a conference in Istanbul.
Net energy importer Turkey has been in talks with major players as Chevron and ExxonMobil in a bid to seal exploration deals for the Black Sea and south-eastern 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 metres of natural gas. Production from the Black Sea can begin between 2017 or 2018 if drilling is started in the next three years, the state-owned company has said.