Turkey Restarts Black Sea Oil Exploration, Sabah Says

Turkey’s state oil and gas company resumed drilling in a Black Sea well it abandoned in March and is approaching the last 1,000 meters, Chief Executive Officer Mehmet Uysal told Hurriyet.

The company found oil during preliminary exploration at a depth of around 4,800 feet and will be drilling back to that level, Uysal told the Istanbul-based paper.

Some $4 billion has been spent on exploration in Turkey’s Black Sea, of which $3.5 billion was spent by foreign oil companies, Uysal said.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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