Brazil’s Petrobras Goes for Risky Gamble in Deep Turkey Seas

    Brazil’s state-owned oil company Petrobras announced that it will soon be operating in Turkey after winning a bid for drilling rights in the Black Sea. The Petrobras operation will be a 50-50 deal with TürkÀ½ye PetrollerÀ½ AnonÀ½m Ortaklidi (TPAO).

    Petrobras, one of the world’s most experienced deep-water drilling companies, will be operating at depths of between 1,200 and 2,200 meters in what the company admits is a high risk venture as the Black Sea region is little explored.

    On the other hand, if petroleum is found the compensation could be enormous.

    Petrobras drills in the United States, Libya, Tanzania, Nigeria, and in Colombia, besides other areas in South America.

    ABr

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