Balkan Business News Correspondent – 21.11.2011
Turkeys state-owned oil company, Turkish Petroleum Corporation (TPAO), has reached an agreement with Royal Dutch Shell to explore for oil and gas off of Turkeys Mediterranean coast.
The deal between TPAO and the Dutch oil giant covers drilling in the maritime zones off of Turkeys southern province of Antalya. Shell will undertake the transfer of the drilling rig and financing of the production from possible findings in the zones 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 Turkeys 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 Turkeys 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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