Turkey intensifies Eastern Mediterranean drilling despite COVID-19

Turkey has intensified hydrocarbon exploration and drilling activities in the Eastern Mediterranean despite the COVID-19 pandemic, which along with low oil prices has caused the temporary suspension of activities of foreign oil companies in the region.

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 Oruç Reis and Barbaros Hayrettin Paşa 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 Taşucu, 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.

The impact of COVID-19, coupled with low oil prices, has affected exploration and drilling activities of global oil companies and resulted in revisions or temporary suspensions to these programs, including those in the Eastern Mediterranean.

ExxonMobil has put its drilling plans in offshore Cyprus on hold from April 13, due to the COVID-19 outbreak and with the unpredictability in international markets.

Likewise, international media outlets reported the drilling programs of French-Italian consortium; Total and ENI, are also postponed for the planned three wells...

Continue reading on: