Oil & Gas Exploration License of Pinnacle Turkey Inc extended

Türkiye Materials 26 March 2020 16:15 (UTC +04:00)
Oil & Gas Exploration License of Pinnacle Turkey Inc extended

BAKU, Azerbaijan, March 26

By Rufiz Hafizoglu – Trend:

Turkish Ministry of Energy and Natural Resources has extended the oil and gas exploration license for Pinnacle Turkey Inc, the energy company based in the US Virgin Islands, the ministry told Trend.

Pinnacle Turkey Inc applied to the ministry on December 12, 2019 to renew the license for another ten years.

"The Pinnacle Turkey Inc company will conduct oil and gas exploration in the province of Tekirdag in the north-west of Turkey in the area of ​​5,030 hectares," the ministry said.

As many as 1,889 exploration wells were drilled in Turkey as of 2018.

During this period, the total depth of exploratory drilling operations amounted to 3,960,312 meters.

During this period, TPAO drilled 943 exploratory wells.

General Directorate of Mineral Research and Exploration (MTA) drilled 61 wells with a total depth of 92,599 meters, while 144 more wells were drilled by other Turkish companies.

Around 546 exploratory wells with a total depth of 990,466 meters were developed by foreign companies, and 195 wells were developed by joint ventures and consortia with a share of foreign capital.


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