TPAO and Shell to jointly drill in the Mediterranean

Yeni Safak - Türkiye’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 Türkiye’s Mediterranean coast.

The deal between TPAO and the Dutch oil giant covers drilling in the maritime zones off of Türkiye’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 Türkiye’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 Türkiye’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.
Türkiye; energy sector; tpao; shell; Türkiye black sea oil; Türkiye mediterrenean oil; Türkiye shell oil; Türkiye oil reserves; Türkiye oil gas