First Turkish Mediterranean drilling in closed oil well

TPAO General Manager Mehmet Uysal broke his silence following arguments over who has drilling rights in certain parts of the eastern Mediterranean.

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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 İskenderun, 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 İskenderun in 1985 and discovered 10 million barrels of petroleum in the Gülcihan-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, which had already drilled in the Black Sea region with major international petroleum companies, looked toward the Mediterranean because results from the first seismic research indicated potential reserves in the seabed, especially in the Gulf of Antalya and the gulfs of İskenderun and Mersin and provinces in southern Turkey.

“We are about to close a deal with a big international company, which will be a partner in return for covering all expenses, including the cost of the seismic research. TPAO also plans to buy a new seismic research ship — at an approximate cost of $150 million — that will be used to search for petroleum and natural gas south of the island of Cyprus,” Uysal said.

Cihan

28 October 2011 Friday