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Turkish TPAO and Shell sign agreement on oil exploration in Black Sea

Steel News - Published on Sun, 17 Feb 2013

Trend reported that Turkish Petroleum Corporation TPAO and the company Shell signed an agreement worth USD 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 in order to reduce dependence on oil products from overseas. Earlier in January this year 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 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.

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Posted By : admin on Sun, 17 Feb 2013
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