Bloomberg News

Turkey’s State Oil Explorer Seeks Partners for Mediterranean

March 12, 2012

Turkiye Petrolleri AO, Turkey’s state oil and gas company, plans to sell a 50 percent stake in three Mediterranean Sea oil fields that will require as much as $3 billion of investment in the next five years.

“We’ve had 10 companies show interest and seven of them have already visited the data room,” Mehmet Uysal, chief executive officer of the company known as TPAO, said today in an interview in Kuwait. “Some of the fields look very promising.”

Turkiye Petrolleri, seeking to raise cash to explore and develop the Mersin Bay, Antalya and Iskenderun blocks in the eastern Mediterranean, may start accepting bids by May and sign deals by the end of the year. Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), Statoil ASA (STL) and Petroleo Brasileiro SA are among producers that have shown an interest in investing, the CEO said.

The Turkish company produces about 70,000 barrels a day of crude, equivalent to about 10 percent of domestic needs. It aims to become free of imports by 2023. The winning companies may have to pay for its share of investments, Uysal said.

“It’ll take about five to seven years to produce from these fields,” Uysal said. “The thing now is to discover the oil.”

To contact the reporters on this story: Rakteem Katakey in New Delhi at rkatakey@bloomberg.net; Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net.

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net


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