TURKEY: Black Sea Could Fuel Turkey for Upcoming 40 Years
17.03.2010 Business | Reports and Analyses | Turkey
The Black Sea, long seen as an important source of Turkey’s fossil fuels, may have enough petroleum to cover Turkey’s energy needs for the next 40 years.
Turkish Petroleum Corporation (TPAO) General Director Mehmet Uysal, speaking at the Ninth Turkish International Oil and Gas Conference (TUROGE 2010) on Tuesday, announced that according to their research, the amount of fossil fuel on Turkish soil is not enough to attract international attention but the potential under the Black Sea is different story.
According to Uysal, the Black Sea could have enough petroleum to meet Turkey’s needs for the next 40 years. “As soon as we explore and research this potential, there will be a new page opened for Turkey’s petroleum exploration and production,” said Uysal. Noting that similar exploration is being conducted in the Mediterranean Sea, Uysal stated that it too has much potential and that they will be forming partnerships to work with the international sphere.
State-owned Turkish Pipeline Corporation (BOTAŞ) General Manager Fazıl Şenel, speaking at the same conference about natural gas consumption, a topic of much debate as the take-or-pay conditions imposed by natural gas exporters have left Turkey with a hefty energy bill, stated that meeting consumers’ pre-crisis natural gas demand would take at least another three to five years -- putting natural gas producers in a difficult position.
“We can possibly meet the pre-crisis natural demand in three to five years. … Take-or-pay contracts can lead to losses for importing countries, but because we have excess supply, we may be able to redraft old contracts,” said Şenel.
Source: Today's Zaman