Petrobras drilling rig arrives in Turkey

Monday, January 4, 2010

Brazilian federal energy company Petrobras (NYSE: PBR) reported that its Leiv Eiriksson rig has arrived in Turkey.

The rig will be used to drill the Sinop-1 well located in ultra-deep waters in the Black Sea where the company will drill for the first time, Petrobras said in a statement.

Petrobras signed an agreement with Turkey's national oil firm Turkish Petroleum (TPAO) for E&P operations in the Black Sea in May 2009.

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The partnership followed a previous agreement signed by Petrobras and Ocean Rig which allows the Brazilian company to use the Leiv Eiriksson rig in the region, Petrobras said. Petrobras will have the right to operate the drilling unit in the Black Sea for a three-year period.

Under the new deal, TPAO can use the drilling rig to explore one of its seven wells in the region, with the possibility to extend operations to additional wells.

Operations are set to begin in the first quarter of 2010. Petrobras has been operating in Turkey since February 2006.