Turkey possible for 10 new oil prospectors in Iraq

The Iraqi Oil Ministry announced that it expects to grant a further 10 countries permission to prospect for oil in Iraq, in addition to the 35 countries that were granted permission in April, Turkey's NTVMSNBC website reported. 

 

Authorities familiar with the issue told NTVMSNBC it is highly possible for Turkey to be among the new 10 countries to be announced.

 

Iraq initially granted permission to 35 oil prospecting companies, originating from countries including the United States, Japan, South Korea and some European countries.

 

The Turkish Petroleum Corporation (TPAO) already has relations and developed cooperation with the 35 companies that were granted permission. TPAO hopes to work under contract with any of the companies that are eventually granted oil contracts in Iraq.

 

TPAO currently supplies 100,000 barrels of Turkey's daily 600,000 barrel oil demand.

 

The decision to grant Turkey permission to prospect in Iraq is significant in the face of surging oil prices and increasing demand. Continuing record high oil prices place global economies at risk of rising inflation, since it affects all aspects of the economy. Oil prices reached a record high $135 a barrel on Thursday amid growing concerns over supply.

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