Black Sea oil to meet Turkey’s needs for 40 years
Posted by meb at March 4th, 2009
The Black Sea has a massive amount of oil and natural gas resources, comparable to those of the Caspian Sea — enough to meet Turkey’s needs for the coming 40 years, the general manager of Turkey’s state-owned oil exploration and drilling company has said.
Turkish Petroleum Corporation (TPAO) General Manager Mehmet Uysal noted that estimates based on the findings of sonar-equipped oil exploration ships show that there are at least 10 billion barrels of oil reserves beneath the Black Sea.
In addition to this, some 1.5 trillion cubic meters of gas lie beneath the sea, he said, and added that the US’s Exxon Mobil and Brazil’s Petrobras exploring for oil in the region. Uysal further underlined that these resources will help Turkey slash its costs and that it plans to pay $600 billion for the import of crude oil in the next 10 years.
TPAO conducted two-dimensional seismic exploration studies on a 60,000-kilometer area of the Black Sea. Three-dimensional seismic radar equipment was used to search another 10,000 kilometers for oil beds, he said.
Speaking yesterday at a press conference in Ankara, Uysal spoke about TPAO’s performance last year, its exploration and future projects. He said the company is exploring off the Mediterranean and Aegean coasts as well. TPAO has also participated in exploration activities in foreign countries.
TPAO owns oil reserves in Kazakhstan and Azerbaijan that are enough to satisfy Turkey’s thirst for oil for two years, Uysal said, noting that another five wells will be drilled in Kazakhstan between 2009 and 2011. The TPAO manager said the company had invested $270 million so far in exploration in these countries and had already earned more than it invested. In the fields that were subcontracted to TPAO in these countries, at least $100 million worth of reserves are still there, he added. Kazakhstan and Azerbaijan’s oil wells have a daily production capacity of 35 million barrels.
He said TPAO produced 500 million cubic meters of natural gas, largely in the fields in the western Black Sea region, adding that the company is planning to accelerate production here. Currently, Turkey has three platforms to drill for natural gas in Akçakoca, a coastal district in Düzce province in the western Black Sea region. Uysal also notes that a fourth platform is being built in Romania for installation in Akçakoca.
He provided information about TPAO’s exploration studies in Iraq. In this war-torn country, the demographic structure — especially the ethnic makeup — is a vital parameter in deciding where to initiate oil exploration, he underlined, adding that the company will submit bids in consortiums and will establish partnerships in this country.
Addressing Iran, Uysal said preliminary work to commence exploration in the South Pars region is still under way. The total amount of investments in this country will reach $5.5 billion to produce 16 billion cubic meters of natural gas, he said.
‘Turkey will not need to import gas, oil by 2023′
TPAO’s sales revenues increased from $500 million to $2.2 billion from 2002 to 2008, while revenues from investments rose from $228 million to $668 million in the same period, Uysal said. Meanwhile, oil production increased from 50,000 barrels per day to 70,000, he noted, concluding his speech with a hope that Turkey will become a self-sufficient country in energy and will no longer be dependent on oil and gas-producing countries by 2023, the 100th anniversary of the foundation of the republic.
Energy and Natural Resources Minister Hilmi Güler was also present at the meeting. Upon a question, the minister said he met with the Russian and US ambassadors to Turkey on Monday and spoke about recent energy projects in which Turkey is a vital actor. “We have been meeting with the ambassadors of these countries very frequently,” he commented.
Güler also said he will meet with Russian Energy Minister Sergei Ivanovich Shmatko during the official visit of the Russian foreign minister to Turkey, scheduled for March 6, and with Gazprom CEO Alexei Miller in a week. In these meetings, Turkey and Russia will specifically deal with the details of projects between Turkey and Russia.
source: Today’s Zaman
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