Shell 'set to sign' Turkish pact

On radar screen: Black Sea exploration for Shell and TPAO

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News Wires

 08 February 2013 11:24 GMT

Turkish state-owned energy company TPAO is reported to be poised to sign a deal with Shell next week for oil exploration in the Black Sea.

The pair are looking to carry out drilling in the western Black Sea under the pact, due to be signed on 14 February, oil sector sources told Reuters.

"Depending on the results of this work, drilling will be carried out with at least one well within two years," one source said.

Another oil sector source said the cost of drilling a single well in the area would be around $350 million.

Last September, Shell Chief Executive Peter Voser said in Ankara his company was assessing oil exploration and production opportunities in the Black Sea with TPAO.

TPAO signed an accord with Shell for hydrocarbon…

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