Turkish Oil Company Makes Remarkable Exploration Success in Libya   Leave a comment

12 /12/ 2011 : Despite some complaints from foreign oil companies that they were not meeting oil exploration goals in Libya, the Turkish Petroleum Overseas Company (TPOC) achieved has a success story that makes others think again when it comes to making a judgement about amble opportunities that are hidden under the huge sand dunes of Libya.

TPOC succeeded in discovering oil at commercial quantities in the exploration wells drilled in Area 147/3&4, Murzuq basin, Libya.

TPOC, a wholly-owned subsidary of Turkiye Petrolleri A.O. (TPAO), national oil company of Turkey, has been exploring for oil in Libya since 2000. TPOC made its first oil discovery in 2009 in the A1-147/3 exploration drilled in Area 147/3&4, Murzuq basin, Libya.

The year 2010 turned out to be very fruitful for TPOC as the first six exploration wells resulted as new oil discoveries.

TPOC was awarded Area 147/3&4 in the EPSA IV Bid Round II in 2005. It is the 100% interest holder and operator in the concession.

According to Dr. Ahmet Tandircioglu, General Manager of TPOC Libya Branch, out of 11 exploration wells drilled in the concession, oil was tested in the seven wells (A1-, B1-, C1-, D1-, E1-, F1-, I1-147/3).

He added that “TPOC has completed production testing in the wells and the results have been announced by National Oil Corporation (NOC).”

Tandircioglu told The Tripoli Post that the exploration period extended for 1.5 years until June 10, 2012, during which TPOC will acquire new 2D and 3D seismic data in 2011.

He also said that he expected new discoveries to be made in the new exploration wells. “In 2011, we will also be drilling appraisal wells to determine the extent of our discoveries,” he added.

He said that TPOC wants to put the oil discoveries on stream as early as possible.

Dr. Tandircioglu mentioned that Libya has a special importance as far as his mother company is concerned. “Libya is placed at the top of our priority list, therefore, we would like to expand our investment in Libya,” he said.

With its extensive experience and proven exploration success, TPOC does not hide its interest in acquiring new exploration acreage in Libya.

Tandircioglu said if new opportunities arise for getting new concessions, TPOC will defiantly seize them he and promised that his company would make a difference by creating an adding value for Libyan upstream oil industry.

Source : libyaninvestment.com



Posted January 12, 2011 by newworldconsulting in Uncategorized

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