Invest News DetailReferans - Hilmi Guler, Minister of Energy and Natural Resources, has stated that a US-based company has applied for conducting oil exploration operations in the Black Sea adding that this application is currently being reviewed. Expressing his discomfort concerning the increase in oil prices Guler has stated that oil drilling operations in the Black Sea are to be started in 2009 and that land drilling operations cost $2 billion whereas sea drilling operations cost $150 million. Emphasizing the possibility that oil and natural gas may coexist in the new fields, Hilmi Guler, Minister of Energy and Natural Resources, has said that this was brought to agenda during the visit to Iraq. Underlying that there are two alternative routes for the natural gas in Iraq, Guler, has mentioned the possible use of Kerkuk-Yumurtalik pipeline and the possibility that natural gas in the Akkas region will be linked to the pipeline running through Syria so as to have it transferred to Türkiye. Highlighting that Shell and TPAO have been working on a master plan regarding the natural gas in Iraq, Guler, said “Under the new circumstances, we are discussing this issue concerning the Akkas region again. Our negotiations with Shell will continue. This is what we intend to do.”