Turkey’s TPAO to launch petroleum drilling in the Mediterranean as of 2012;
TPAO to buy a new research ship to search in the south of Cyprus
According to Turkish daily Today Zaman (28.10.11), the Turkish Petroleum Corporation (TPAO) is getting ready to begin its first petroleum drilling in the eastern Mediterranean, where 25 millions of barrels of reserve have been found off the shore of 0skenderun [Alexandretta], a province in southern Turkey, in 2012.
TPAO General Manager Mehmet Uysal broke his silence following arguments over who has drilling rights in certain parts of the eastern Mediterranean. Uysal said: “There have been exploration activities for a long time; in fact the American company Esso, now known as Exxon, came to 0skenderun [Alexandretta] in 1985 and discovered 10 million barrels of petroleum in the Glcihan-I well but decided to discontinue operations because the price per barrel was $10 back then, which was not economical.”
Uysal finds the company’s decision correct because of the conditions at the time and noted: “Our studies show an estimated 25 million barrels are present in the area worth $2.5 billion. We plan to dig the well in 2012 and start the first production in the Mediterranean.”
Uysal explained that Turkey looked toward the Mediterranean because results from the first seismic research indicated potential reserves in the seabed. “We are about to close a deal with a big international company, which will be a partner in return for covering all expenses. TPAO also plans to buy a seismic research ship that will be used to search for petroleum and natural gas south of Cyprus”, Uysal said.
