November 28, 2011
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№ 10 (October 2011)

Turkey Strikes Oil, Gas Deal With Shell

Turkey has signed a deal with Royal Dutch Shell for energy exploration and production sharing in the Mediterranean and southeastern Anatolia. Energy and Natural Resources Minister Taner Yıldız rejected suggestions that the deal was a response in retaliation to Greek Cypriot and Israeli oil exploration off the coast of Cyprus.

By Hurriyet Daily News

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“The deal is a result of technical work and has nothing to do with international speculation,” Yıldız said at a ceremony yesterday.

The agreement, which covers seismic research off the Mediterranean province of Antalya as well as onshore drilling work near the southeastern province of Diyarbakır, was signed between the state-run Turkish Petroleum Corporation (TPAO) and Shell. Seismic research will be conducted off Antalya until 2014, after which exploratory drilling will begin. Shell and TPAO will share output equally if oil or gas is found, TPAO general manager Mehmet Uysal said.

Shell’s Exploration and Production Chairman Malcolm Brinded said after identifying soil formation in Turkey’s southeastern Anatolian region they would initially open five wells and could expand to more than 10 wells in the future.
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