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Shell signs exploration deal with Turkey

Exploration & Production

Shell and Turkish Petroleum Corporation (TPAO) signed a deal to conduct oil and natural exploration in the south east of the country and off its Mediterranean coast.

Shell and TPAO will spend a combined US$200mn looking for oil and gas, with both parties expected to share output if the exploration program is successful.

TPAO's accord with Shell will include the collection of seismic data off the Mediterranean province of Antalya, as well as onshore drilling work in the southeastern province of Diyarbakir.

Shell's head of global exploration and production, Malcolm Brinded, said the deal was "a great opportunity" for both the company and the country. "We are happy to support Turkey in its efforts to increase production," said Brinded.

The deal still requires government approval.