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Friday, March 29, 2024

Shell, Turkey Close to Exploration Deal

Courtesy of Benzinga.

Royal Dutch Shell (NYSE: RDS-A), Europe’s largest oil company, could finalize an exploration agreement with the Turkish government in the coming days that would see the Anglo-Dutch oil giant search for energy resources onshore and offshore in Turkey.

Shell would not confirm the deal, but TPAO, Turkey’s state-run oil producer, said a signing ceremony could happen as soon as next week in the Turkish capital of Ankara, the Financial Times reported.

An agreement with Shell could be more important for Turkey than Shell because Turkey imports most of its energy. The Levant Basin, which encompasses Israeli, Lebanese, Syrian and Cypriot waters, could contain about 122 trillion cubic feet of undiscovered reserves of natural gas, the FT reported, citing the U.S. Geological Survey.

Turkey has no diplomatic relations with Cyprus or Israel, forcing the country to look for other ways of lowering its energy imports.

Noble Energy (NYSE: NBL) also operates in that region.

For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

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