Turkish TPAO in talks with IOCs for joint Black Sea exploration

Three international oil companies are in talks with Türkiye Petrolleri Anonim Ortakligi (TPAO) to jointly search for oil in the Turkish part of the Black Sea.

According to Reuters, Besim Sisman, Deputy President and Director of the Turkish state-run TPAO said that the companies in question were Exxon Mobil, OMV and MOL.

To remind, in February last year, TPAO signed an offshore exploration agreement with Shell. Under the agreement Shell will drill at least one well in the Turkish sector of the Black 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 the International Energy Agency.