News - Turkey to look for oil in Sea of Marmara

The Turkish Petroleum state oil company (TPAO) has received a license to conduct exploration in order to discover oil in the Sea of Marmara, reports Hurriyet daily. Turkish Petroleum has received licenses for oil exploration in the Sea of Marmara off the coast of Tekirdag, Balikesir, and Canakkale. According to these three licenses, oil exploration will be carried out in an area of 95,055 hectares, and for eight years. Turkey expects to provide 10 percent of its oil needs in 2024, and 18 percent in 2026, from the oil fields located in the southeast of the country, Minister of Treasury and Finance Mehmet Simsek had announced earlier.