December 02, 2008

Turkey to spend USD 826 million on exploration

Turkish Daily reported that Türkiye Petrolleri Anonim Ortaklığı will spend USD 826 million on gas and oil exploration in 2008 to meet rising demand.

Mr Hüseyin Yakar manager at Türkiye Petrolleri did not give a figure for last year's investment in exploration but according to the energy ministry, it was USD 350 million in 2006 and USD 70 million in 2002.

Turkey imports nearly all of its oil and gas and higher global energy prices have helped swell the current account deficit to USD 3.7 billion in February 2008. Energy demand is rising in Turkey amid 6 consecutive years of economic growth.

Mr Yakar said that Turkey has mainly explored off its Black Sea coast, where it hopes to find a giant field. Turkey began producing gas last year near the Black Sea town of Akçakoca, a site that's yielding 500,000 cubic meters a

He further added that Türkiye Petrolleri is now shifting priority to the Mediterranean and last year completed the collection of seismic data at two sets of blocks near the cities of Antalya and Mersin.