TPAO announces $4 bln in oil exploration over the next 3 years

Turkish Petroleum Corporation (TPAO) CEO Mehmet Uysal yesterday said they plan to invest $4 billion in oil exploration both inside and outside Turkey over the next three years. Speaking at a conference in Ankara, Uysal said if current drilling proves successful in finding oil, they will boost their investments in the area from $10 billion to $15 billion. He added that they also plan to explore for oil in the Mediterranean, much as they are doing in the Black Sea. "We hope exciting days of exploration will begin in the Mediterranean through partnerships in 2015," he said, explaining that they will start with seismic research and analysis to assess the potential and then look for private partners, as they did with the Black Sea.