TPAO to invest $4 billion over three years in oil exploration

Turkish Petroleum Corporation (TPAO) General Director Mehmet Uysal has said they plan to invest $4 billion in oil exploration both inside and outside Turkey in the course of the next three years. TPAO has been exploring for oil in the Black Sea, and their efforts will soon expand to the Mediterranean.

If ongoing drilling proves successful in finding oil, investment in the Turkish energy sector will increase considerably. Up to 49 percent of state-owned TPAO is set to be privatized in 2011 according to recent remarks by Turkey’s Energy Minister.

Source: Today’s Zaman

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: