Anglo/Dutch oil titan Shell has today signed an offshore exploration agreement with the Turkey’s state-controlled company TPAO, Reuters has reported.
Under the agreement Shell will drill at least one well in the Turkish sector of the Black Sea, which could hold between 7 and 10 billion barrels of oil. According to the news agency, Shell’s Upstream International Director Andy Brown, estimates the cost for the well could reach a $200 million figure.
Shell and TPAO in November 2011 signed a Farm-in and Joint Operating Agreement covering offshore Antalya licenses.
Shell did not immediately respond to an e-mail seeking comment.
Seismic vessel
To increase its chances of finding oil, TPAO has acquired a state-of-art 3D seismic vessel. The vessel, delivered to the company this week , 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.
[mappress] Offshore Energy Today Staff, February 14, 2013