TPAO and Shell to initiate oil exploration

While the offshore drilling activities conducted by Israel and the Greek Cypriot administration are underway, the Turkish Petroleum Corporation (TPAO) and the British oil giant Shell yesterday signed an agreement to explore, produce and share oil in the Mediterranean and southeastern Anatolian Region. As part of the agreement, two companies will carry out firstly seismic exploration and then drilling activities offshore Antalya and conduct shale gas production in southeastern Turkey. Speaking at the signature ceremony, Energy and Natural Resources Minister Taner Yildiz defined the cooperation as technical work, saying that the agreement will be beneficial both to Turkey and Shell. Speaking in his part, Malcolm Brinded, Executive Director for Royal Dutch Shell, said that Turkey has become the fastest-growing country in the world and that it was impossible not to appreciate the current situation of economy in Turkey. "This partnership is a crucial opportunity for the two parties," said Brinded.