Turkish State Petroleum Corporation (TPAO) in the next year will spend $ 1.691 billion on search of oil and gas reserves in Turkey and in foreign markets, according to the budget plan for 2017 of the Ministry of Energy and Natural Resources.
In this case $ 1.448 billion will be used for exploration outside of Turkey.
The information indicates that the corporation will continue its activities in 2017 in Azerbaijan, Iraq, Russia, Libya and Afghanistan.
TPAO in 2015 increased its assets in Turkey by $ 462 million.
The company also plans to work with Shell to open wells in the Black Sea in 2018.
TPAO is a party to four projects in Azerbaijan.
