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Friday, June 20, 2008

Turkey sees black gold in Black Sea

ANKARA — Turkey believes it might have found the key to achieve energy independence.

Turkey's State Planning Agency has drafted plans to invest $80 billion by 2022 for energy exploration projects. Officials said much of the money would be spent in exploring the Black Sea. So far, Turkey has spent $500 million drilling in the Black Sea.

The government of Turkish Prime Minister Recep Erdogan has been conducting feasibility research on crude oil exploration and development projects in the Black Sea and now believes the Black Sea or its coastal area could contain large amounts of oil, officials said.

Also In This Edition

British Petroleum and the state-owned Turkish Petroleum Corp. have been jointly exploring for energy in and around the Black Sea. In the eastern part of the Black Sea, the two companies have found traces of what executives said could amount to up to one billion tons of oil.

A similar effort has been conducted by Brazil's Petrobas and TPAO on the eastern portion of the sea. Drilling was expected to begin by 2010.



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