Huge Potential O&G Reserves in the Black Sea Will Enable Turkey to Achieve Energy Self Sufficiency

Dec. 30, 2009 - PRLog -- Recent exploration in the Black Sea has yielded huge potential oil and gas reserves equivalent to at least 10 billion barrels of oil and 1.5 tcm of gas. These potential reserves have immense potential to increase the oil and gas production of Turkey in the coming years. With a total production of 30,000 barrels of oil per day, North western part of Black Sea has been one of the major proven reservoirs till date. Turkey is a major importer of natural gas and crude oil but these prospective reserves have the potential to transform Turkey into a energy self sufficient country. Over 10 years, Turkish National Petroleum Corporation (TPAO), the national Oil Company of Turkey, has invested close to $5 billion to explore Black Sea. TPAO, along with Brazil’s state-owned national oil company Petrobras, has recognized 10 prospects to produce oil and gas in the region. The expected increase in production from the region is likely to make Turkey an energy sufficient country in the coming decades.

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