BAKU, Azerbaijan, June 23. Turkish Petroleum Corporation (TPAO) has requested an extension of the license for oil exploration in the Black Sea, Trend reports.
According to the Ministry of Energy and Natural Resources of Türkiye, the corporation requested to extend the license for three years from August 23, 2023.
TPAO has accelerated its exploration and production activities in recent years, achieving 34 discoveries in 2021, adding 71 million barrels of reserves. TPAO’s output has significantly increased, from around 40,000 barrels per day (bpd) in 2017 to 65,000 bpd in 2022.
On April 6, 2023, TPAO was issued an oil exploration license for a period of five years on an area of 42,593 hectares in Canakkale province.
TPAO was founded in 1954 by Law No. 6327 with the responsibility of being involved in hydrocarbon exploration, drilling, production, refinery and marketing activities of oil and gas in Türkiye as the national company.
The company has shares in such projects as Azeri-Chirag-Gunashli (6.75 percent), Shah Deniz gas field (19 percent), Baku-Tbilisi-Ceyhan pipeline (6.53 percent), South Caucasus Pipeline (nine percent), and Alov Exploration (10 percent).