Turkey Wins $350m Iraq Drilling Contract

By John Lee.

Turkey's Energy Minister, Taner Yildiz (pictured), has said the country has signed a $350 million deal to drill 40 oil wells in the Basra area, and is in talks on drilling 7,000 wells across Iraq.

Details of the timeframe or companies involved were not immediately available.

According to a report from Reuters, Iraq has also asked Turkey to stop attacking Kurdish rebel forces sheltering in northern Iraq.

The Minister also told reporters that an initial public offerings (IPO) was being considered for the state-owned oil firm TPAO, with a privatisation of state-owned pipeline company Botas possibly to follow.

(Source: Reuters)

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