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Great Task for TPIC

By means of the decision of the Council of Ministers dated 12/06/2017 No. 2017/10472, it was determined to transfer the assets of TP (Turkish Petroleum Corporation) to TPIC (Turkish Petroleum International Company), the subsidiary of BOTAŞ (Petroleum Pipeline Corporation). The Decision was published in the Official Gazette on 20 July 2017.

According to the Decision; TP's all kinds of equipment, work machines, rigs, ships, materials, drilling bases, outbuildings and immovable properties used for drilling, workover, well completion and geophysical operations services will be transferred to TPIC at no charge. TPIC’s directly owned 6 exploration licenses and 4 production leases or the shares in these licenses at home and abroad, will be transferred to TP together with all rights and obligations.

It has been decided to prepare the protocols related to the transfer and work process (revenue sharing provisions of oil, personnel transfers, applications, etc.) by a commission consisting of TP and TPIC officials, in coordination with the Ministry of Energy and Natural Resources.