Turkey state oil firm says to invest $4 bln in 3 yrs
ISTANBUL – Turkey's state oil and natural gas exploration company TPAO will invest $4 billion in the next three years and plans to open 500 new wells in the next five years as it boosts operations in the Black Sea, the company's general manager said on Tuesday, Reuters reported.
Oil major Chevron acquired on Monday a fifty percent stake in a Black Sea deepwater exploration licence, held with TPAO.
TPAO, which also works with Petrobras and Exxon in the Black Sea, is also open to new partners for exploration there, General Manager Mehmet Uysal said at an oil and gas conference.
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