World Bulletin / News Desk
Turkish Petroleum Corporation, or TPAO, won a tender for exploring oil in a field in Iraq's Basra region, TPAO deputy head said.
Besim Sisman said TPAO and its UAE and Kuwait partners won the tender as the sole bidder for the management rights of the 9th bloc at an oil field in Basra.
Sisman said TPAO had a 30-percent share in the consortium and it would initially invest $150 million, adding that the company would cover 30 percent of the overall investments planned over the next 20-25 years.
Sisman said the latest tender earned the fifth contract for TPAO in Iraq.