Turkish Oil company goes on with projects in Libya

Turkish Petroleum Corporation (TPAO) aims to resume projects in Libya, an executive of the Company said Sunday.
The company is eager to go on with the Crude Oil exploration and other projects in Libya, head of TPAO's office in Libya, Ahmet Tandircioglu, was quoted as saying by Turkey's Anatolia news agency.

The companies that served TPAO suffered losses and damage due to clashes in Libya, and we have to wait for some more time to begin our projects, said Mr. Tandircioglu.

Mr. Tandircioglu also said that TPAO aimed to increase its investments in Libya.

TPAO is the only foreign Oil company that did not close its office in Libya due to the clashes. Its affiliated Turkish Petroleum Overseas Company (TPOC) started to explore oil in Libya in Y 2000.

The Company made its first discovery of Crude Oil near the Murzuq city in Southern Libya in Y 2009, and struck Oil in 6 wells in Y 2010.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.