Turkey's TPAO says invested $4bln in Black Sea oil exploration
Turkish Petroleum Corporation (TPAO) has invested four billion USD for oil exploration in Black Sea so far.
TPAO Director General Mehmet Uysal told A.A on Thursday that the investment amount would be more than 50-60 billion USD, if oil production started in Black Sea.
Noting that they thought there was an important oil and natural gas potential in Black Sea, Uysal said that if TPAO found oil or natural gas in Black Sea, Turkey's 40-year energy need would be met.
"We believe there is 10 billion barrels of producible oil and three trillion cubic meters of producible natural gas in Black Sea," added Uysal.
Uysal said that they also believed there was a serious oil and natural gas potential in the Mediterranean too.
TPAO was founded in 1954 with the responsibility of being involved in hydrocarbon exploration, drilling, production, refinery and marketing activities as Turkey's national company.
Until 1983, as an integrated oil company, it was engaged in all the activity fields of oil industry from exploration to production, refinery, marketing and transportation.
Today, TPAO is a national oil company involved in merely upstream (exploration, drilling, well completion and production) sector.