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Monday, 21 July, 2008, 01:10 GMT | more prices >>

Turkey looks to Iraq exploration

By Upstream staff

Turkey has said foreign companies had expressed interest in working with its state oil exploration company TPAO in the search for crude and natural gas in northern Iraq.

Earlier this week, Energy Minister Hilmi Guler said Turkey would begin talks with the US and Iraqi governments this month on possibly launching exploration work in northern Iraq.

The move follows the Iraqi cabinet's endorsement of a new draft oil law that regulates how the war-shattered country's oil wealth will be shared between its ethnic and sectarian groups.

"There are both foreign companies already in Iraq who want to work with us and also offers are being made directly to the TPAO. We will assess all these proposals and we can make an announcement soon on this matter," Guler told reporters.