ANKARA
Turkish Petroleum Corporation (TPAO) and Shell signed a cooperation agreement on Thursday on oil exploration in western Black Sea.
TPAO Director General Mehmet Uysal and Shell's Executive Vice President of Upstream International Exploration Ceri Powell signed the cooperation agreement during a meeting which was also participated by Turkish Energy & Natural Resources Minister Taner Yildiz and Shell's Upstream International Director Andy Brown.
Brown said that they were very pleased to make partnership with TPAO.
This teamwork will continue for a long time, added Brown.
In a previous statement, Yildiz had said that the worth of agreement was 350 million USD which would be based on oil and natural gas exploration in the western Black Sea.
Turkey's energy minister said companies would conduct drilling in western Black Sea region
Turkey's Energy and Natural Resources Minister Taner Yildiz has said Turkey's petroleum corporation TPAO and Shell would start drilling for petroleum and natural gas in western Black Sea region as equal partners.
Speaking at the agreement signing ceremony of Turkish Petroleum Corporation (TPAO) and Shell, Yildiz said Turkey's need for energy increases day by day and new resources should be found.
He said TPAO and Shell would work as joint venture.
Shell official Andy Brown said as part of the project at least one well is expected to be drilled in 3 years. He said they expect to find a good amount of petroleum and natural gas.
