Lankan Ranger
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Turkeys hope in oil and gas exploration grows
Almost half of the 205 wells drilled across Turkey in 2010 contain oil and natural gas, a General Directorate of Petroleum Affairs (PİGM) report has said.
Turkey has always complained of an inadequate amount of fossil fuels to meet its own energy needs but has recently been encouraged by what it actually has in its own soil. According to the PİGMs Annual Activity Report for 2010 released on Wednesday, 205 oil and natural gas wells were drilled by several companies.
Out of these, 57 wells with oil reserves, 44 wells with natural gas reserves and one with both oil and natural gas reserves were found throughout the past year. The total distance drilled in the 205 wells was 323 kilometers. Moreover, the PİGM report showed that in 2010 17.32 million barrels -- approximately 2.5 million tons -- of oil were produced from 128 active oil fields in Turkey. From the 65 active natural gas fields, the total amount of gas produced was 726 million cubic meters in the same year.
The Treasurys coffers enjoyed an inflow of TL 228.8 million from domestic crude production and TL 36.5 million from natural gas extraction in royalties payable to the state.
As Turkey is a fast-growing nation, its need for sources of energy like oil and natural gas is increasing much more than anticipated, and being a country with scarce energy resources, the current account deficit and inflation are negatively affected by any rise in commodity prices.
Therefore, the government has emphasized drilling for oil and natural gas in order to decrease its foreign dependency on these products.
The report underlined that oil and natural gas drilling investments across the country will be increased annually by 10 percent by 2013, adding that it aims to see a rise of 1 percent and 5 percent in oil and natural gas production, respectively.
The activity report also indicated that there were 47 companies in Turkey last year actively conducting drilling activities in search of oil and gas on land and offshore. Twenty-five of these companies were domestic, while 22 were foreign entities.
The state granted 57 oil exploration licenses out of 169 applications filed by first-time applicants, while extending the terms of 59 exploration licenses. Eighty-five previously granted licenses were either terminated or had expired, and 68 applications for license extensions were turned down.
Turkey
Almost half of the 205 wells drilled across Turkey in 2010 contain oil and natural gas, a General Directorate of Petroleum Affairs (PİGM) report has said.
Turkey has always complained of an inadequate amount of fossil fuels to meet its own energy needs but has recently been encouraged by what it actually has in its own soil. According to the PİGMs Annual Activity Report for 2010 released on Wednesday, 205 oil and natural gas wells were drilled by several companies.
Out of these, 57 wells with oil reserves, 44 wells with natural gas reserves and one with both oil and natural gas reserves were found throughout the past year. The total distance drilled in the 205 wells was 323 kilometers. Moreover, the PİGM report showed that in 2010 17.32 million barrels -- approximately 2.5 million tons -- of oil were produced from 128 active oil fields in Turkey. From the 65 active natural gas fields, the total amount of gas produced was 726 million cubic meters in the same year.
The Treasurys coffers enjoyed an inflow of TL 228.8 million from domestic crude production and TL 36.5 million from natural gas extraction in royalties payable to the state.
As Turkey is a fast-growing nation, its need for sources of energy like oil and natural gas is increasing much more than anticipated, and being a country with scarce energy resources, the current account deficit and inflation are negatively affected by any rise in commodity prices.
Therefore, the government has emphasized drilling for oil and natural gas in order to decrease its foreign dependency on these products.
The report underlined that oil and natural gas drilling investments across the country will be increased annually by 10 percent by 2013, adding that it aims to see a rise of 1 percent and 5 percent in oil and natural gas production, respectively.
The activity report also indicated that there were 47 companies in Turkey last year actively conducting drilling activities in search of oil and gas on land and offshore. Twenty-five of these companies were domestic, while 22 were foreign entities.
The state granted 57 oil exploration licenses out of 169 applications filed by first-time applicants, while extending the terms of 59 exploration licenses. Eighty-five previously granted licenses were either terminated or had expired, and 68 applications for license extensions were turned down.
Turkey
