Countdown for oil, natural gas exploration in the Black Sea

Today’s Zaman – The Turkish Minister of Energy and Natural Resources Taner Yildiz said this week that Türkiye could launch an oil and natural gas exploration project off the Black Sea coast before the year end. Speaking to reporters ahead of the 2nd International Symposium on the Geology of the Black Sea region in Ankara, the Minister stated that a large offshore oil platform will set off from Norway this month and is expected to reach Türkiye's northern coast in mid-December. Yildiz said oil explorations will be conducted in the Black Sea in cooperation with Brazil's state-run oil company, Petrobras. The Turkish Petroleum Corporation (TPAO) recently signed an agreement worth USD 800 million with Petrobras to jointly explore for oil in the Black Sea. Yildiz said joint exploration with Petrobras could last around two to three years and is expected to uncover significant oil reserves. The Minister stated that the government is determined to continue its exploration in the Black Sea and projected investing a total of USD 450 million to this end.