Turkish Petroleum Corporation to explore for oil in Marmara Sea

The Turkish Petroleum Corporation (TPAO) was granted a license on Friday to conduct oil exploration activities in three designated areas of the Marmara Sea, Report informs with reference to Ilkha.com.

The decision, published in the Official Gazette, marks a significant move for Türkiye's domestic energy exploration efforts.

According to the Ministry of Energy and Natural Resources' General Directorate of Mining and Petroleum Affairs, TPAO secured eight-year licenses for a total of 95,055 hectares (approximately 367 square miles) spread across three separate regions.

- Tekirdagh province: 13,149 hectares (51 square miles)

- Tekirdagh and Balıkesir provinces: 54,238 hectares (210 square miles)

- Tekirdash and Chanakkale provinces: 27,668 hectares (107 square miles)

Consequently, Türkiye is set to fulfill 10% of its annual oil requirements from the southeastern oilfields within this year.

Previously, Finance Minister Mehmet Simsek announced the goal to meet 10% of Türkiye’s oil needs from these fields in the current year, with an increase to 18% projected by 2026.