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Turkish TPAO, Shell agree on oil exploration in Black Sea

14 February 2013 15:08 (UTC+04:00)
Turkish TPAO, Shell agree on oil exploration in Black Sea

Turkish Petroleum Corporation TPAO and the company Shell signed an agreement worth $150 million on oil exploration in the Black Sea

Earlier it was reported that under the agreement between TPAO and Shell for oil exploration in the Black Sea, initially, the companies will conduct drilling operations at one of the wells. The number can then be increased to several units.

Turkey is actively searching for oil fields with a view to reduce dependence on oil products from overseas. Earlier in January, reserves of high quality oil were discovered at the Magrip field in the Turkish province of Siirt Kurtalan.

In 2011, following the launch of work by Nicosia (Cyprus) on development of the shelf along the island's coast divided into Greek and Turkish parts, Turkey together with the Turkish Republic of Northern Cyprus began exploring for oil and gas in the special economic zone of Northern Cyprus.

In addition, the country is conducting oil exploration in the Black Sea and Mediterranean.

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