Turkey to drill seven or eight oil wells in Black Sea

"TPAO projects to drill new wells in the 5 year period between 2009 and 2014. These works would cost around $150-200 million," Uysal told the 9th Energy Arena, an international conference held in Istanbul.

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"TPAO intensified exploration works in seas. The Salt Lake (in central Turkey) would be the region to focus on," Uysal also said adding that French companies were interested in conducting oil exploration in the eastern Mediterranean region near Mersin.Â

 

Turkey is holding talks with Germany's RWE AG and U.S. Chevron on conducting oil exploration in the Black Sea, a senior Turkish energy ministry source also told Reuters on Friday.

 

TPAO will open two of the wells with Brazil's Petrobras, Reuters also reported citing the source.

 

"Talks with U.S. Chevron are continuing. These talks have reached an important stage. A partnership may also be established with RWE for some licenses belonging to TPAO," the source said on the sidelines of a conference in Istanbul.

 

The seismic surveys near the Black Sea town of Sinop with Petrobras, which is expected to invest $400 million in Black Sea oil exploration in the next four years, were completed last year and the first well is expected to be opened in 2009.

 

Turkey's Energy Minister Hilmi Guler said on Friday that 2009 is expected to be a significant year for Turkey as the country begins oil drilling works in the Black Sea, at the same conference.

 

"We hope that 2009 would be a significant year for Turkey to this end. We will begin drilling works in the Black Sea," he added.

 

Guler also said that Turkey should also give priority to renewable energy since it was one of the rare countries in the world in regard to this kind of alternative energy.

 

Photo: Hurriyet Archives