Turkey will explore natural gas in Iraq with a multinational oil company, authorities said on Thursday.
Turkey's Petroleum Corporation (TPAO), the Petroleum Pipeline Corporation of Turkey (BOTAS) and Shell Energy Europe BV. signed a preliminary contract to explore, manage, transport and market natural gas in Iraq.
The agreement enables transportation of natural gas to Turkey and Europe after it meets the domestic demand in Iraq.
It also envisages the mentioned companies to carry out infrastructure works including construction of pipelines, underground depots and interconnection lines.
"The cooperation of these three companies would contribute to world energy supply safety, and regional peace and stability," Turkey's Energy & Natural Resources Minister Hilmi Guler said in the signature ceremony in the Turkish capital of Ankara.
Guler defined TPAO as a company that knew well about Iraq's geology and BOTAS as a firm that was constructing pipelines worldwide.
The Turkish minister said that TPAO, which had been invited to tenders to explore and manage eight giant oil fields in Iraq, wanted to be partners with many foreign companies.
Guler said that TPAO and Shell could also cooperate in exploring and managing oil in Iraq, and also said that TPAO was deliberating with the Iraqi government to drill natural gas near Iraq's border with Syria.
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