Bloomberg News

Turkey’s Cyprus Oil Quest to Cost $250 Million, Sabah Reports

May 06, 2012

Turkey’s plans to search for oil and gas on its section of the divided island of Cyprus will cost about $250 million, Sabah reported, citing Energy Minister Taner Yildiz.

Turkey has as many as six exploration projects in the Mediterranean, including Cyprus, and state oil company Turkiye Petrolleri AO signed an exploration and production sharing agreement with Royal Dutch Shell Plc (RDSA) last year for blocks off Antalya, Yildiz said, according to the newspaper.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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