By Staff Reporter
Petroleo Brasileiro S.A (Petrobras) is planning to spend $300 million in the Black Sea in Turkey over the next two years. The company has agreed in 2009 to explore two wells with Turkish Petroleum Corporation (TPAO) off the Turkish coast. TPAO sees the Black Sea producing as much as 10 billion barrels of oil and 1.5 trillion cubic meters of natural gas. Production from the Black Sea can start between 2017 or 2018 if drilling begins in the next three years.
"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," said Petrobras' International Director, Jorge Zelada.