Three companies account for the majority of Turkeys Oil production -- the Turkish State Petroleum Company (TPAO), and foreign operators Royal Dutch/Shell (Shell) and ExxonMobil. Smaller companies include Petrom of Romania (produces around 2,600 bbl/d in the Selmo block) and Aladdin Middle East (480 bbl/d in Siirt and Gaziantep). TPAO alone accounts for about 80 percent of the countrys total oil output (currently around 43,000 bbl/d, down from 90,000 bbl/d in 1991). Turkish oil fields are generally small, and scattered around the country. Oil fields in the countrys southeast (specifically the Hakkari Basin, Turkeys main oil producing area) are old and expensive to exploit. In addition to the Hakkari Basin, Turkey contains oil prospects in its European provinces, in the Black Sea shelf region, and in other oil basins in southern and southeastern Turkey. Potential oil reserves in the Aegean Sea have not been explored due to conflicting Greek claims over the area. In December 2003, TPAO stated that it was planning large-scale exploration for oil and gas in the Black Sea, Mediterranean, and Aegean Seas (plus southeastern Turkey). Since 1961, only 1,400 exploration and appraisal wells have been drilled in Turkey. In July 2003, Australias Amity Oil reported a commercial discovery at its Adatepe #1 Well in the Thrace Basin. In December 2003, a petroleum market reform bill was passed by Turkeys parliament. The Petroleum Market Law aims to remove state controls on the sector, to liberalize pricing (and domestic content purchase requirements) of oil and oil products, end restrictions on vertical integration, and integrate Pipeline, refining, and distribution functions. Tupras (Turkish Petroleum Refineries Corporation) and POAS (Petrol Ofisis, Turkeys major petroleum product retailer) are to be privatized as well. Also, as a result of this Law, price ceilings and import quotas on petroelum products were lifted in early 2005.In early 2004, the Turkish government approved the sale of a 66.76 percent stake in Tupras for $1.3 billion to a group led by Russias Tatneft (and its German subsidiary, Efremov Kautschuk). In late May 2004, a Turkish court suspended the sale after a union filed a lawsuit claiming that privatization procedures were not properly followed. In March 2005, Turkeys government sold a 14.56 percent share in Tupras for $446 million. In April 2005, Turkeys privatization board announced its intention to open a new tender for the remaining 51 percent of the company. In May 2005, the board also said that whoever buys Tupras will not be forced to maintain the Korfez petrochemical complex, which has been losing money. In mid-June 2005, Spains Repsol submitted a 1-billion-euro bid for a 51 percent stake in Tupras. Other entities reportedly interested in Tupras include the Indian Oil Company, Lukoil, Eni, OMV, and the the Turkish military pension fund.