Turkey Oil Firm Weighs Partners for $3.2 Billion Gas Project - Bloomberg
Turkey’s state-owned oil and gas company is considering partnerships and plans to raise funding this year to carry out work on the biggest natural gas discovery in the Black Sea, according to people with knowledge of the matter.
Turkish Petroleum Corp. has made preliminary contact with several international oil firms, including some of the majors, to jointly produce gas from the offshore field, said the people, who asked not to be identified because deliberations are confidential. The negotiations may not result in any ventures and the Ankara-based company may still go it alone, they said.
The necessary capital investment to produce the gas and deliver it onshore is estimated to be around $3.2 billion, one of the people said. Turkish Petroleum, also known as TPAO, was allocated 13.4 billion liras ($1.9 billion) from the government’s 2021 budget. It isn’t clear how much of that will be earmarked for the Black Sea gas project.
TPAO and Turkey’s Energy Ministry didn’t respond to emailed requests for comments.
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