Now Turks will make Oil Bonanza.
Turkey currently imports about
90 percent of its energy needs.
The president of the state-owned Turkish Petroleum Corporation (TPAO) said that between
2007 and 2012, $87 billion is planned to be
invested in the petroleum industry(...)
In 2002 and 2003 the TPAO and BP formed a joint initiative to launch seismic tests, which came out positive. In 2005 the consortium began drilling 40 km northwest of the town of Hopa in Artvin province, located in the eastern part of the Black Sea (Hurriyet, March 30, 2005). The estimated
reserves on this site are said to be around
800 million to one billion tons, which according to the Turkish press is close to that of Azerbaijans Shah Sea reserve (Aksam, March 31, 2005).
(...)
Because the exploration works produced satisfactory results, the companies would begin drilling by 2010. In the site of Sinop, Petrobas is expecting 5 billion barrels of oil. In total, the expectation is
10 billion barrels of oil from Black Sea drilling sites. If the expectations are met, half of Turkeys demand for oil will be provided by the Black Sea region in
2015, and Turkey will be an energy independent country by
2023
single - The Jamestown Foundation[tt_news]=33727
Chevron, Exxon Mobil and Petrobras have also got a licence to Joint-venture with TPAO in the Black Sea.
In Short:
- Expectation of 10 Billion Barrels Oil
- drilling in 2010
- Cutting Oil Imports from currently 90% to 50% by 2015
- Energy Independent by 2023