3/4/2009

All eyes on Black Sea and Mediterranean for petroleum

Sabah - Following the Turkish Petroleum Corporation’s (TPAO) discovery of rich petroleum reserves in the southeastern Turkish province of Diyarbakir, all eyes are now set on the Black Sea and the Mediterranean, where Turkey pins its hope on petroleum. Having concluded an agreement with the US company Exxon-Mobil for the drilling and production of petroleum, TPAO is also continuing its talks with Chevron and the Japanese giant Mitsubishi. Turkey’s remaining producible petroleum reserves stand at 37.6 million mt. Taking into consideration the annual consumption amount, this figure can meet Turkey’s 15 month-requirements.