9/22/2010

Turkish state oil company to invest USD 4 billion over three years

Reuters - Turkey's state oil and natural gas exploration company TPAO will invest USD 4 billion over the next three years, and plans to open 500 new wells in the next five years as it boosts its operations in the Black Sea, said the company's general manager.

US oil company Chevron acquired a fifty percent stake in a Black Sea deepwater exploration license, held with TPAO. TPAO, which also works with Petrobras and Exxon in the Black Sea, is also open to new partners for exploration there, said General Manager Mehmet Uysal at an oil and gas conference.
turkey; oil company; tpao; energy industry; oil well; black sea; Exxon; petrobras; chevron