The total volume of investments of the Turkish Petroleum Corporation (TPAO) in Azerbaijan exceeded $10 billion, the TPAO CEO Besim Sisman said in an interview with Bloomberg HaberTurk (Turkish economic newspaper).
TPAO’s revenue from investments in Azerbaijan is the main portion of the corporation’s income, according to him.
Sisman noted that the corporation is about to reduce its investments abroad due to decline in oil prices.
TPAO called off its projects in Libya because of the unstable situation in the country and the corporation is now closing down its office there, he said.
Meanwhile, investments in Iraq and Russia will be maintained, Sisman added.
He said the corporation continues searching for oil and drilling wells in the Black Sea.
TPAO invested $1.5 billion in the drilling of six wells in the Black Sea, he added.