Turkish Petroleum Corp to spend $1.7B for exploration in 2017
Baku, Azerbaijan, Nov. 13
By Orkhan Quluzade, Maksim Tsurkov – Trend:
Turkish Petroleum Corporation (TPAO) will spend $1.691 billion for the exploration of oil and gas reserves in Turkey and foreign markets in 2017, according to the 2017 budget plan of Turkey’s Ministry of Energy and Natural Resources.
Some $1.448 billion will be spent for exploration outside Turkey, according to the budget plan.
TPAO will continue its activity in Azerbaijan, Iraq, Russia, Libya and Afghanistan in 2017.
The corporation increased assets in Turkey by $462 million in 2015.
TPAO also plans to commission wells in the Black Sea together with Shell, an Anglo-Dutch multinational oil and gas company, in 2018.
TPAO participates in four projects in Azerbaijan: the development of the Azeri-Chirag-Gunashli block of oil fields, where it owns 6.75 percent of equity, the development of the Shah Deniz gas condensate field, where it owns 19 percent of equity, the development of the Alov-Araz-Sharg marine structures block (10 percent) and the Baku-Tbilisi-Ceyhan pipeline (6.53 percent).