Azerbaijan, Baku, April 9 / Trend A.Taghiyeva /
Turkish company Sayer Group is conducting oil exploration on the border with Iraq, Hürriyet newspaper reported on Tuesday.
According to the Sayer Group's CEO Ecvet Sayer, the company has invested $10 million in oil exploration projects in the oil fields on the border with Iraq.
The volume of investments will be increased at times, however the exact amount is still unknown, Sayer said.
"We have drilled to a depth of 3500 metres. It is expected that the exploration drilling will be carried out at a depth of 6000 metres," he said.
Sayer said the company plans to attract Iraqi and Syrian oil companies to the work.
The Sayer Group Company produces oil from several fields in Turkey which in total deliver thousands of barrels of oil a day.
Earlier, a report of the Ministry of Energy and Natural Resources said the Turkish Petroleum Corporation (TPAO) had discovered 11 oil wells and six natural gas wells in the country during the exploration of new oil and gas fields in 2012.
In total, some 56 wells were drilled during the period of which 54 are onshore and two offshore.
According to the report, at present seven wells are being drilled. Eight oil fields were discovered in the south-eastern part of the country as of 2012.
Turkey is actively searching for oil fields to reduce dependence on oil product supplies from abroad.