Turkish Petroleum, (TPAO) will be bringing a drilling platform to the region, Minister of Economy and Energy, Sunat Atun has said.
He also announced that the project to supply electricity from Turkey to the TRNC by undersea cable will begin by the end of the year.
Referring to the water pipeline constructed between Turkey and the TRNC, Atun stated that the project was designed to supply water to the countries in the region and said, “This will also give the Turkish Cypriots political power.”
Electricity prices in Turkey had not been affected by fluctuations in the dollar and oil prices but electricity prices in the TRNC were affected because of the use of fuel oil in the TRNC, Atun said.
Minister Atun also explained about oil exploration activities.
“There are indications that there are reserves,” said Atun, noting that with the oil and natural gas exploration by Turkish Petroleum, access to sources and commercial evaluation agreements were ongoing.
Following seismic surveys conducted by ‘Barbaros Hayrettin Pasha, Atun said that a drilling platform will be brought to the region.
Atun explained that exporting Israeli gas to Turkey via a terminal to be produced by the Turkish side and from Turkey to the EU, would put the TRNC into the energy equation in the region.