This excerpt taken from the PBR 6-K filed Feb 23, 2006.
Petrobras wins tender for exploration and production in Turkey
(Rio de Janeiro, February 21, 2006). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announced that the Turkish state-owned oil company - Türkýye Petrollerý Anoným Ortaklidi - (TPAO) has announced that Petrobras presented the winning bid for two out of three blocks offered in a tendering process for deepwater exploration and production in the Black Sea.
Petrobras and TPAO will soon start negotiations on all relevant contractual documents thus ensuring the Brazilian participation in a 50-50 partnership with the Turkish company for the exploration and production of blocks 3920 (Kirklarelli) and 3922 (Sinop).
The two blocks acquired by Petrobras, according to the companys technical evaluation, are the ones presenting the best geological perspectives. The Kirklarelli block, located in the west part of the Turkish sector of the Black Sea, has an average water depth of 1,200 meters. The Sinop block, located in the eastern part, has an average water depth of 2,200 meters.
The Turkish region of the Black Sea is still largely unexplored, presenting high risk but equally high potential return. Turkey is a country surrounded by important oil producing basins and crossed by major pipelines to supplying Europe.
Petrobras entrance in Turkey is in line with the companys Strategic Plan to work as an integrated energy company with selective expansion of international activities.