Turkey to spend EUR 315 mm on Black Sea oil exploration

The Turkey energy minister said that Turkey would make an investment around $ 450 mm (EUR 315 mm) for oil exploration works in Black Sea.
Speaking ahead of the 2nd International Symposium on the Geology of the Black Sea Region in Ankara, the Energy Minister Taner Yildiz 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.

Yildiz also 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 mm (EUR 560 mm) 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 mm (EUR 42 mm) for the initial stages of the exploration.

Yildiz 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 mm to this end.