TODAY'S ZAMAN: TPAO to explore oil in Siberia with Hungary's MOL
The Turkish Petroleum Corporation (TPAO) will invest $175 million in the joint exploration of an oil field in Siberia with Hungary's MOL Group, Energy and Natural Resources Minister Taner Yıldız has said.
Responding to a question at the third energy forum organized by British Petroleum (BP) and the Ankara-based Economic Policy Research Foundation of Turkey (TEPAV) in Ankara on Wednesday, Yıldız said the oil field has an estimated reserve of 100 million barrels. Half of this amount will be tapped by the TPAO and sold for commercial use, the minister added. “We have made an agreement with the Hungarian MOL for a 49 percent share [in the company established for this purpose],” he said.
Yıldız also talked about a number of recent energy issues. Concerning the flow of oil from northern Iraq, Yıldız said oil imports from the region are continuing and that the amount has almost reached 700,000 barrels, adding that the sale of this crude has not started yet as there are still disputes to be resolved.