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TPAO has reached an agreement with Royal Dutch Shell to explore for oil and gas off of Turkey’s Mediterranean coast

Balkan Business News Correspondent – 21.11.2011

Turkey’s state-owned oil company, Turkish Petroleum Corporation (TPAO), has reached an agreement with Royal Dutch Shell to explore for oil and gas off of Turkey’s Mediterranean coast.

The deal between TPAO and the Dutch oil giant covers drilling in the maritime zones off of Turkey’s southern province of Antalya. Shell will undertake the transfer of the drilling rig and financing of the production from possible findings in the zone’s 2,500-meter deep seabed. Exploratory drillings in deep waters cost around USD 300 million.

“TPAO and Shell will ink the cooperation agreement next week,” said Turkey’s Minister of Energy and Natural Resources Minister Taner Yildiz about the deal, highlighting that the drilling operation was realized with international capital.

The agreement signifies a major shift in Turkey’s oil exploration efforts as the focus turns to the Mediterranean from the Black Sea coast, where TPAO partnered with Exxon and Petrobras to dig exploration wells. Source: IIT

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