Tuesday, 3 March 2009* TPAO General Director Mehmet Uysal: "We see great oil potential in the Black Sea. There are oil reserves there to meet Turkey's 40-years-need".
Turkey Oil company TPAO General Director Mehmet Uysal, gave information about oil exploration work in Turkey. Mr Uysal said Turkey will pay 600 billion US dollars for crude oil until 2023. "However the works in the Black Sea increase hope for reserves" he added.
According to the TPAO estimations the oil potential of the Black Sea is comparable to the oil reserves of the Caspian Sea: "The potential is great in the Black Sea. It may meet Turkey's 40-year oil need. The estimated reserves of the Black Sea is 10 billion barrels of oil and 1.5 million cubic meters of natural gas."
American Exon Mobil and the Brazilian Petrobras make have been making oil explorations in Turkey's Black Sea waters.
* "Turkey Will Not Import Oil or Gas in 2023"
Mr. Uysal said "the annual revenues of the TPAO increased to 2.2 billion dollars from 500 million dollars between 2002-2008". "Oil production of Turkey also has increased to 70.000 barrels from 50.000 barrels. Our target is to be fully oil independent in 2023".
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Tuesday, 3 March 2009
By Sevgi Kocak, JTW
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