Arab News

Turkey signs agreement to drill oil wells in Iraqs Basra

Algeria begins Oil Exploration in Sea by 2014

Turkey signed an agreement worth $350 million to drill 40 oil wells in the southern province of Basra.

Turkish Energy Minister Taner Yildiz said in a true conference in Turkey in talks with the central government in Baghdad to drill a total of seven thousand wells across Iraq.

It did not immediately disclose details about the time frame for these actions or executing companies.

The growing Turkish participation in the energy sector in Iraq despite tensions with Baghdad because of granting asylum to Ankara for fugitive Iraqi Vice President Tareq Al-Hashemy, who sentenced him to death by an Iraqi court for the second time the day before yesterday.

Yildiz said in press conference, which was held in the Turkish capital of Ankara continue to work with the central government to drill seven thousands of wells across Iraq as a whole.

The Minister also said that talks were underway with the Turkish treasury on an initial public offering of the shares of oil company TPAO and company Botas pipeline state-owned, adding that Turkey first planned to sell TPAO shares.

SONATRAC Algeria’s giant government Oil announced that it will start exploration for oil and gas in its local coast by the year 2014.

Mohamad Saeed Mala director of the northern exploration department in SONATRAC said in a press statement that the company will begin drilling at sea alone or with a foreign partner, stressing the capacity the SONATRAC occurred as the implementation of this project on its own.

He added that the exploration would be on an area of 3 thousand square kilometers between Begaya and Ennaba provinces east of the capital on an area of two thousand square kilometers between tennis and Mostaganem provinces both in the west.

He explained, that these areas, which the company expects the presence of hydrocarbons is located at a depth of 2000 to 2500 M pointing out that the process of exploration and one will cost $100 million.

It is a public company formed to exploit petroleum resources in Algeria is now a variety of activities, including all aspects of production exploration, extraction, transportation and refining and it has diversified in their amputation and chemically and desalination of sea water.

UAE oil minister said Fujairah pipeline that does not pass the Strait of Hormuz will enter full service by the end of the year and will transfer most of Abu Dhabi›s exports of crude.

Under Iranian threats to close the Strait of Hormuz, the largest shipping lane for oil trade in the world the United Arab Emirates launched the pipeline, which is long overdue to pump up to 1.8 million barrels per day and sent the first shipment of exports in July.

The Minister Mohammed Al-Hamly told reporters on the sidelines of the World Economic Forum World In Dubai «We hope by the end of the year to fully enter service».

The pipeline transmits primarily along the 370 kilometers of oil fields in the desert west of the UAE to Fujairah, a major center for oil storage and bunkering on the east coast.

The new harbor Supplier eight tanks for crude oil storage capacity of each million barrels.

But since the first three shipments, and some returned to the UAE port of Fujairah does not work fully to absorb most of the UAE›s oil exports.