Turkey licenses 16 companies to explore its oil and gas fields

Türkiye Materials 17 September 2014 19:25 (UTC +04:00)

Baku, Azerbaijan, Sept.17

By Rufiz Hafizoglu - Trend:

Around $1.5 billion was invested in the exploration of oil and gas fields in Turkey over two years, the head of Turkish Energy Ministry's General Directorate of Petroleum Affairs, Selami Incedalci said.

He made the remarks during the economic conference that kicked off in Turkey's Istanbul city, Hurriyet newspaper reported on Sept.17.

Incedalci stressed that over two years, 16 companies, including foreign enterprises have been licensed to carry out the exploration of oil and gas fields in Turkey.

He went on to add that ExxonMobil and Chevron companies are engaged in the exploration of oil and gas fields in the country.

Turkey intensively carries out the exploration of fields in order to reduce its dependence on foreign petroleum products.

Turkish Petroleum Corporation (TPAO) drilled 11 oil wells and six gas wells in the country's territory in 2013 as part of the exploration of new oil and gas fields, Turkey's Ministry of Energy and Natural Resources earlier said in its report.

In total, some 56 wells have been drilled during the reporting period.

The law authorizing the conduction of oil exploration in the forests and national parks entered into force in Turkey in April 2014. It is also permitted to lay oil and gas pipelines in the forests and national parks.

Moreover, Turkey will be divided into 18 provinces in terms of hydrocarbon reserve.

Additionally, one-eighth of the oil produced in Turkey will be considered as the state share, according to the law.

The law aims to enable the expansion of prospecting and exploration work in Turkey's oil fields.

Edited by CN