Shell, TPAO to Search for Oil in Black Sea

International oil giant Shell is expected to sign exploration and production sharing contract with Turkey’s state-run oil company TPAO, Reuters reported today quoting oil sector sources.

Under the agreement, expected to be signed next week, the two companies will jointly search for hydrocarbons in the Turkish part of the Black Sea, which could hold between 7 and 10 billion barrels of oil.

Shell and TPAO in November 2011 signed a Farm-in and Joint Operating Agreement covering offshore Antalya licenses.

Seismic vessel

To increase its chances of finding oil, TPAO last month bought a state-of-art 3D seismic vessel. The vessel, named Polarcus Samur, will be used for extensive seismic exploration of the offshore continental shelf of Turkey in both the Black Sea and the Mediterranean Sea.

Turkey’s booming economy has increased the country’s oil consumption, and has urged the authorities to work on unlocking its own energy resources. According to the U.S. Energy Information Administration, Turkey imports almost all of its oil supplies. Energy use in Turkey is expected to double over the next decade, according to International Energy Agency.

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Offshore Energy Today Staff, February 8, 2013