9/1/2008

We are conducting negotiations with RWE for oil prospecting

Reuters – An official from the Ministry of Energy has stated that TPAO is conducting negotiations with RWE, one of the leading energy companies of Germany, in order to prospect for oil in the Black Sea in cooperation with the aforementioned company. The official who answered the questions by Reuters has added that TPAO plans to drill 8 oil wells in the Black Sea, two of which will be drilled in cooperation with Petrobras, a Brasil-based company, and said, "Negotiations with the US-based Chevron is still going on and a long way has already been covered regarding these negotiations. In some of the licenses belonging to TPAO, TPAO may enter into a partnership with RWE."