Turkish and Brazilian companies will explore oil in the Black Sea, the director of the Brazilian company said on Monday.

Hercules Tadeu F. Da Silva, the director general of Petrobras Turkey, said that their company and Turkish Petroleum Corporation (TPAO) would explore oil in a region in the Black Sea, named Sinop block.

The project would begin at the end of February and its daily cost would be around 1 million USD, Da Silva said during his meeting with Governor Hasan Basri Guzeloglu of the northern province of Samsun.

Da Silva said one of the biggest drilling platforms in the world, to be used in oil exploration, had left Norway for Turkey.
The platform would most probably anchor off Sinop at the end of January, Da Silva said.

Da Silva said the area which would be drilled in the Black Sea was around 2,200 meters deep, and both TPAO and Petrobras were hopeful about the drilling.

Brazilian multinational energy company headquartered in Rio de Janeiro, Petrobras is the largest company in Latin America by market capitalization and revenue, and the largest company headquartered in the Southern Hemisphere.

The company owns oil refineries and oil tankers. Petrobras is a world leader in development of advanced technology from deep-water and ultra-deep water oil production.

Petrobras controls significant oil and energy assets in 18 countries in Africa, North America, South America, Europe and Asia. These holdings as well as properties in Brazil give it total assets of 133.5 billion USD.