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.
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.