RIO DE JANEIRO, BRAZIL (Commodity Online): Brazil is poised to capitalize on its experience with deepwater drilling for oil and gas and increase overseas operations of the state-managed Petroleo Brasileiro S.A.Two new Petrobras deals agreed in Portugal and Turkey emphasize the oil giant's expertise in drilling through the seabed to reach hydrocarbon deposits considered difficult by most prospecting companies.

Brazil's discovery of huge offshore oil and gas reserves has set Petrobras on course for a global pre-eminence in the understanding and use of technologies required to drill deep for oil without risk of going bust in the process. Throughout its exploration and prospecting operations Petrobras has demonstrated a watchful eye on the expenditures involved.

Most of new Brazilian oil discoveries offshore will require deployment of deep drilling and complex logistics to bring the well yields to the shore or organize offshore storage and marketing. The Brazilian methods have generated interest worldwide.

The new Petrobras deals in Portugal and Turkey will see the company employing its proprietary techniques to reach oil in deep waters. It was not immediately clear if Petrobras had already secured the deal with Galp, Portugal's biggest oil company and its longtime partner.

Galp hopes to benefit from financially robust Petrobras in more ways than would be possible with other oil companies, industry analysts said. The cultural affinity between Portugal and Portuguese-speaking Brazil is an added plus, analysts said.

Galp has a running partnership with Petrobras at 54 exploration blocks in Brazil, including Tupi, the largest discovery in the Americas since 1976. Industry studies said Tupi may hold at least 8 billion barrels of oil.

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Petrobras also secured a deal with Turkey's National Oil Co. in partnership with Exxon Mobil in the politically sensitive area of deepwater Black Sea, south of Russia, Ukraine and Georgia.Exxon Mobil Exploration and Production Turkey will acquire a 25 percent interest in the Sinop, Ayancik, and Caramba sub-blocks of the AR/TPO/3922 exploration license, officials said.

Petrobras holds a 25 percent equity interest in the region and will continue as the operator. TPAO, the Turkish company, holds the remaining 50 percent.

TPAO CEO Mehmet Uysal told the media the company hoped the deal would give Turkey access to new technologies and expertise in its quest for a commercially viable Black Sea find.

The agreement, which covers around 7.4 million acres, follows an earlier accord signed by Exxon Mobil and TPAO in November 2008 to jointly explore Black Sea deepwater prospects in the Samsun block. The entry of Petrobras ensures exploration in the area will gain momentum, industry analysts said.

Petrobras is among the Top 10 companies in the world that appreciated the most in the first half of 2009, figures published by the company said. A survey carried out by Ernst & Young also identified Petrobras as the world's eighth-largest global company in market value.

Petrobras' stock is traded on the New York Stock Exchange.( EUNewsNet.com and OfficialWire)

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