Turkey's TPAO starts oil, gas search in Northern Cyprus

Turkey's state-run oil compant TPAO has started drilling for oil and gas in TRNC under an agreement signed last year in September. Energy Minister Taner Yildiz joined Turkish Cypriot leader Dervis Eroglu to inaugurate the start of drilling by Turkish Petroleum company TPAO at the Turkyurdu-1 borehole in Gazimagusa. Eroglu hailed the start of drilling as "a historic moment" which accords Turkish Cypriots "great strategic significance. "We will not allow anyone to take away the rights of Turkish Cypriots in the eastern Mediterranean," said Eroglu. TPAO President and CEO Mehmet Uysal said drilling will reach a total depth of 3,000 meters (9,850 feet) and will take four months to complete. He said the investment in the search for fuel in northern Cyprus could cost as much as $400 million.