State-run Turkish Petroleum Corp. and Turkey-based oil explorer Genel Enerji have signed a deal with the Colombian government to explore for natural gas, the Ihlas News Agency, or IHA, reported Thursday.
According to the statement, the companies will explore in the Maria Conchita block and plan to start drilling in 2011.
TPIC, a foreign exploration unit of Turkish Petroleum, will act as an operator in the project, with a 51% stake, while Genel Enerji will have 40% stake and a third company called Multi Servicios will have 9% stake, the statement said.
According to the statement, approximately 500,000 cubic meters of natural gas have been tested at a well in the field, and it seems to have a rich hydrocarbon potential.
Genel Enerji will cover the costs of three-dimensional seismic tests in a 120 square-kilometre area in the first phase of the project, including the first 18-month period in the six-year project, the statement also said.
Genel Enerji is a unit of Cukurova Holding, which has a controlling stake in Turkey's largest mobile phone company by subscribers, Turkcell (TKC)