Turkish TPAO to continue hydrocarbon exploration in Black Sea
Azerbaijan, Baku, October 2/ Trend R. Hafizoglu /
Turkish TPAO will continue its hydrocarbon exploration in the Black Sea, Turkish Sabah newspaper reported on Wednesday.
According to the information, the process will continue until late 2013.
Aside from Shell, two more companies whose names are not mentioned will join the exploration work, the newspaper reported.
Earlier, Turkish Minister of Energy and Natural Resources Taner Yildiz said Turkey spent $ 2.5 billion for the exploration of oil and gas in the Black Sea. The country intends to continue exploring oil and gas in the Black Sea, as it is sure the Turkish and Ukrainian sectors are rich in hydrocarbon reserves, he said.
In February 2013, the Turkish Petroleum Corporation TPAO and Shell signed an agreement on oil exploration in the Black Sea to the sum of $150 million.
Turkey actively searches for oil deposits in order to reduce dependence on oil products from overseas. In January 2013 deposits of high quality oil were discovered on the Magrip field in the Kurtalan dictrict of the Turkish province of Siirt.