Turkey Calls Foreign Firms to Participate in Black Sea Oil Exploration

Turkey is seeking foreign firms to participate in oil exploration in the Black Sea, where the country has currently spent over $2.5 billion, according to Taner Yildiz, the nation’s Energy Minister.

During his recent visit to Gumushane, a province near the Black Sea, Yildiz said that Turkey is open to working with all foreign firms that are interested in exploring the Black Sea. The Turkish government recently revived its efforts to obtain resources through offshore oil drilling activities in the country’s northern part.

TPAO, the state-operated oil exploration firm of Turkey, together with Anglo-Dutch Shell, have been seeking oil in the Black Sea after several failed efforts by international oil firms like Exxon and Chevron.

According to the energy minister, the country needs to strengthen its efforts of finding reserve deposits since it is required to obtain resources underground just to be able to meet its needs for energy.

Yildiz said that the nation has a significantly-sized land area of 780,000 square kilometers, yet it also has about 280,000 square kilometers of sea area that they do not usually talk about. As such, the minister said that the country is trying to increase its production of gold from 24 million tons last year to 36 million tons this year.

The energy minster added that they believe in the sufficient amounts of gold reserves in their nation. He added that the amount of gold deposits they have is enough to meet the needs of the country’s gold imports and that they are opening the way to obtain their deposits through the help of both state and private firms.