TPAO to Explore for Oil in the Aegean Sea

Turkey's Petroleum Corporation (TPAO) has obtained licenses to explore for oil in 9 areas within Turkish territorial waters in the Aegean Sea. Announcements related to this matter were published in the Official Gazette by the General Directorate of Mining and Petroleum Affairs (MAPEG) under the Ministry of Energy and Natural Resources. Accordingly, TPAO was granted 9 oil exploration licenses for areas with specified coordinates in the Aegean Sea, each valid for 8 years. MAPEG also added an area of 15,153 hectares to TPAO's existing oil exploration license covering the Bingöl, Elazığ, and Diyarbakır regions. The validity of Arar Petroleum AŞ's oil exploration license, which covers an area of 61,755 hectares in the Hatay, Osmaniye, and Adana regions, has been extended until September 3, 2025.