TPAO and Shell to search for Black Sea oil

Today, TPAO (Turkey) and Shell (UK) have signed a deal to search for new oil fields in the Black Sea together. The deal is worth $150 million, TRT Haber reports.

Turkey has recently intensified searches for own oil fields to reduce dependence on petroleum imports. The Magrip Field in the Kurtalan District of Turkey’s Siirt Province had been discovered with reserves of high-quality oil early this year.