Turkey Signs $350m Iraq Oil Drilling Deal

Source: Reuters 11/3/2012, Location: Middle East

Turkey has signed a $350m deal on drilling 40 oil wells in the southern Iraqi Basra area and is in talks with Baghdad on drilling 7,000 wells across Iraq, Energy Minister Taner Yildiz said. Details of the timeframe or companies involved were not immediately available.

Turkey’s growing energy involvement in Iraq comes despite tensions with Baghdad over Ankara giving refuge to Iraq’s fugitive Vice President Tareq Al Hashemi, who was sentenced to death by an Iraqi court for a second time.

Iraq has also asked Turkey to stop attacking Kurdish rebel forces sheltering across the border in northern Iraq, a Kurdish autonomous region over which Baghdad has little control and with which Ankara has forged close ties in recent years.

“We are continuing work with the central government on opening 7,000 wells across Iraq as a whole,” Yildiz told a news conference in the Turkish capital.

He also told reporters talks were being held with the Turkish treasury on holding initial public offerings (IPO) for state-owned oil firm TPAO and state pipeline company Botas, with a TPAO offering planned first.

Separately, Yildiz warned that the government would review Italian energy firm ENI’s investments in Turkey if it went ahead with plans to explore for natural gas in Cyprus. Cyprus said on Tuesday that it would start negotiations with ENI, South Korea’s Kogas, France’s Total and Russia’s Novatek on the potential development of natural gas fields off the Mediterranean island. Turkey, which has been at diplomatic loggerheads with Cyprus for decades, claims the island has no authority to explore for gas offshore.


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Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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