Shell to Drill in Western Black Sea

Royal Dutch Shell is to sign an agreement next week with Turkish state-owned energy company TPAO covering oil exploration in the western Black Sea region, according to a Reuters report Friday.

Sources told Reuters that the two companies envisage drilling at least one well within two years.

"Shell and TPAO's oil exploration work will be in the western Black Sea," said one source. "Depending on the results of this work, drilling will be carried out in at least one well within two years."

The deal will be signed Feb. 14, according to Reuters.

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