Black Sea oil reserves will meet Turkey’s needs
Posted by meb at February 5th, 2008
The Turkish Petroleum Corporation (TPAO), which has been prospecting for oil in the Black Sea together with Brazilian national oil company Petrobras (Petroleo Brasileiro S.A.), is close to seeing its efforts bear fruit.
The TPAO’s general director, Mehmet Uysal, announced that they will begin drilling by 2010 and said, “the anticipated Black Sea reserves are sufficient to meet all of Turkey’s oil and gas needs.”
Oil and gas importer Turkey has been implementing significant projects through the TPAO to meet the country’s needs from internal resources. The TPAO’s budget has been multiplied six-fold since 2003. According to research by the corporation, the eastern Black Sea is rich in oil, whereas the western part is rich in gas. The TPAO currently produces 90,000 barrels of oil per day. Turkey consumes 600,000 barrels of crude oil per day. Experts say the amount of money paid for oil will exceed $350 billion in the next 10 years. Uysal said exploration works turned in satisfactory results, so they will begin drilling by 2010, adding that they will intensify the exploration work in the Black Sea for the next five years.
No risk, no gain:
Experts say Romanian oil and Caspian Basin oil have the same type of structure. Based on this, the TPAO is said to have started prospecting for oil in the Black Sea. An official from Çalık Holding’s Çalık Enerji, an important player in Turkey’s energy sector, said the gas detected and produced in Akçakoca on the Black Sea shows the carbon structure of the Black Sea and the TPAO took action relying on the strength of these findings.
The official pointed to the very large oil fields in the region and said, “if oil is actually detected, I suppose, a very large reserve will be found. There are no 100 percent positive facts in the oil business, but we have to take risks if we want to make progress and make use of the possible oil reserves in the Black Sea.”
BP Turkey President Tahir Uysal found the exploration works in the region exciting and said, “it is too early to talk of the reserves now, but it is still an encouraging development. The presence of oil can be detected first by drilling oil wells in the field.”
The TPAO’s Black Sea partner Petrobas’ international director, Nestor Cunat Cervero, said they were very expectant of the field as the Black Sea possessed very rich oil and gas reserves, adding that they will make use of Petrobras’ experience and knowledge in deep water operations and activities in order to reveal the Black Sea’s hydrocarbon potential.
Greece hampers Aegean explorations:
The TPAO’s exploration works in the Black Sea has gained impetus and the corporation has now turned toward the Aegean Sea. The exploration works in the Black Sea Atwood Southern Cross offshore drilling rig being undertaken under an Australian flag have now arrived in the Aegean Sea. Energy expert Necdet Pamir reiterated that Turkey has not started any serious exploration works in its own territorial waters, although Greece has been drilling for oil and gas in the Aegean since 1981. Pamir said the TPAO’s investment budget was too low and the corporation was too weak in oil prospecting, adding, “oil exploration works have so far been very unsatisfactory. Therefore, we are unable to make firm predictions on the existence of oil in our country.” According to Pamir, Greece tries to hinder oil exploration works by Turkey in the Aegean. “The government has signed a gas pipeline project with Greece. Regarding explorations in the Aegean Sea for oil, conflicts between Turkey and Greece have not died down despite rapprochement in diplomatic relations,” said Pamir.
Source: Turkish Daily News
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