6 October 2009 / TODAY'S ZAMAN WITH WIRES, İSTANBUL
Energy Minister Taner Yıldız said Monday that Turkey could launch an oil and natural gas exploration project off the Black Sea coast before the end of this year.
Speaking to reporters ahead of the 2nd International Symposium on the Geology of the Black Sea Region in Ankara, the minister stated that a large offshore oil platform will set off from Norway this month and is expected to reach Turkey's northern coast in mid-December. Yıldız said oil exploration would be conducted in the Black Sea in cooperation with Brazil's state-run oil company, Petrobras. The Turkish Petroleum Corporation (TPAO) recently signed an $800 million agreement with Petrobras to jointly explore for oil in the Black Sea. The minister said the government expects to make an investment of around $60 million for the initial stages of the exploration.
Yıldız said joint exploration with Petrobras could last about two or three years and is expected to uncover significant oil reserves. The minister stated that the government was determined to continue its exploration in the Black Sea and projected investing a total of $450 million to this end.
