February 14, 2013, the Turkish national oil company signed an agreement with Royal Dutch Shell to jointly develop oil and gas resources in western Turkey Black Sea.
According to the agreement, Petrobras will establish a joint venture with Shell Petroleum, each holding 50% of the shares. Shell will be responsible for the collection and analysis of 3D data on the 3,920-square-metre 3920 plate in the western part of the Black Sea, and conduct timely drilling. Shell plans to invest $200 million in drilling.
Turkey's Energy Minister Yerdez said on the same day that Turkey’s oil production has increased by 27 million tons in the past 10 years, but it still cannot meet the needs of economic development. Last year, Turkey spent nearly 60 billion U.S. dollars on imported energy. Turkey is currently vigorously developing its own energy to meet its own needs.
The Turkish government has invested 12 billion U.S. dollars in the exploration and investigation of resources in the Black Sea during the past few decades. However, it was not until last year that the Turkish national oil company announced that it had successfully shot a well in the Black Sea area near Istanbul, which allowed the Turkish government to revisit the oil and gas development prospects in the Black Sea region.
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