Bloomberg News

Turkish Petroleum to Accept Bids in May for Three Med Basins

March 12, 2012

Turkiye Petrolleri AO, Turkey’s state oil and gas company which is known as TPAO, will get bids in May for oil exploration projects in three basins in eastern Mediterranean after 10 companies are interested, chief executive Mehmet Uysal said.

Seven companies have visited the data room for the projects and three more will visit this week, Uysal said in an interview in Kuwait today. Exxon MObil Corp., Chevron Corp. (CVX), Statoil ASA (STL) and Petroleo Brasileiro SA are among the companies interested in the seismic work and possible exploration, according to Uysal. TPAO is looking to sell up to 50 percent stake in each of the three blocks by the end of this year, he said.

Exploration in the three blocks will cost between $2 billion and $3 billion over five years and the partner “will probably” have to pay for TPAO’s cost as well, Uysal said.

To contact the reporter on this story: Rakteem Katakey in New Delhi at rkatakey@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net


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