World Bulletin / News Desk
Turkish Petroleum Corporation (TPAO) expects to produce 70 million barrels of oil in 25 years at its oil and gas fields in Baghdad.
Speaking to Anadolu Agency (AA) correspondent on Thursday, TPAO's Foreign Project Director Tayfun Yener Umucu reminded that the corporation had bought two gas and three oil fields following the bids in Baghdad earlier this year.
Umucu said that the corporation would spent 6.2 billion USD in 25 years to make investment at its gas and oil fields in Iraq.
"We are expecting 70 million barrels of oil in next 25 years in return for what we spent in there. This is an equivalency to investment we have made and the allowance we will receive," said Umucu.
Meanwhile TPAO signed an agreement with the Kuwait Energy and United Arab Emirates' Dragon Oil company on an oil field.