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


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