Turkish Petroleum Corporation (TPAO) plans to bid for Iraq fields
The state-run Turkish Petroleum Corporation (TPAO) is planning to bid for development of Iraq's Akkas, Mansuriyah and Siba natural gas fields, TPAO Chief Executive Mehmet Uysal told Reuters in an interview on Friday.
Uysal said TPAO aims to bid for the Akkas field in partnership with Italy's Edison, and added that Chevron and Chinese firms are interested in gas and oil exploration in the Black Sea.
"We have already started preparations seriously for oil exploration license tenders for which there will be invitations from now on. We can bid in partnership with consortia," Uysal said.
TPIC, the foreign exploration unit of state-run Turkish Petroleum, won a $318 million contract to drill 45 wells in Iraq's supergiant Rumaila oilfield in March.
Iraq, in need of rebuilding an economy battered by years of war and sanctions, has struck a series of development contracts with oil firms that could also signal a bonanza for international oil service companies.
"We hope to win contracts in Iraq with TPIC in large volume businesses including opening wells, building pipelines and operating production facilities," Uysal said.
The company is also pressing ahead with its oil exploration efforts in the Black Sea, which Turkey shares with several other countries including Russia.
"We reached 3,000 metres in Sinop 1 well in the Black Sea drilling, we will start to get the first results at the end of June or the beginning of July," he said.
The company has decided to start the farm out process for sharing Black Sea licenses and will send invitations to 20 companies within one week and complete the process within one-and-a-half months and set up joint ventures.
"Chevron from the United States is interested in oil exploration in the Black Sea, and it will be one of the big companies making an offer. Chinese firms are eager as well," Uysal said.
TransAtlantic Petroleum Ltd, which signed a memorandim of understanding with TPAO on April 9 for exploration and production of energy in Turkey, will start shale gas exploration in the Black Sea, Uysal said.
Turkey imports most of its gas and oil needs.