11/24/2011

TPAO-Shell ink deal for oil exploration in the Mediterranean

Zaman - Turkey’s state-owned oil company TPAO has signed a deal with the Royal Dutch Shell to explore and produce oil and gas in the Mediterranean and in the southeast of Turkey. The deal has the partners’ share the production in the Mediterranean on a 50-50 basis, with an option to increase the Turkish side’s share depending on production.

According to the deal, TPAO will take a 70 percent share in the shale gas production at the site near Diyarbakir, with the remainder being Shell’s.
Turkey; energy sector; turkey oil exploration; turkey mediterranean oil; tpao; shell

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