Turkey has intensified hydrocarbon exploration and drilling activities in the Eastern Med
VIRUS LED TO A SUDDEN GLOBAL ECONOMIC DOWNTURN
Despite the negative consequences of the pandemic on drilling plans in the region, Turkey is expanding its operations. Turkey is conducting exploration activities in the Eastern Mediterranean with two drilling vessels Fatih and Yavuz, along with Oruc Reis and Barbaros Hayrettin Pasa seismic vessels.
Fatih drilling vessel is set to continue its operations in the Black Sea and make its first drilling in the region in July.
Turkey’s third drillship, Kanuni, also arrived in Tasucu, Mersin, a coastal city in the Mediterranean region of the country on March 15.
The novel virus led to a sudden global economic downturn and a corresponding fall in global oil prices. The collapse in prices has been further supported by the oil price war between the world’s two biggest oil producers, Saudi Arabia and Russia, following OPEC and non-OPEC countries’ failure to reach an agreement in March to curb oil production.