Evaluation Note/ Leyla Karakaya

"Amidst increasing concerns over Turkey’s vast current account deficit (CAD), fuelled by foreign dependence to cater for the energy requirements of a rapidly developing economy and further exacerbated by soaring global oil prices, a news story signals a game changer: Turkish Petroleum Co. (TPAO) General Manager Mehmet Uysal told Reuters in an interview on March 12, 2012 that ExxonMobil is interested in tapping Turkey’s shale gas potential.

For a vast majority, the only possible reaction was 'what shale?' Shale oil and gas have been the source of the new buzz as alternative resources over the past few years, but the countries named for significant potential did not hitherto include this part of the world. It turns out, however, that Turkey, along with numerous other countries in Latin America, Asia and Europe, does in fact have shale gas potential, and arguably a good one at that..."