9/22/2010

Turkey aims to produce its own oil

Aksam - Turkey is aiming to reduce its dependency on imported fuels and produce its own oil, according to the country’s Minister of Energy and Natural Sources Taner Yildiz.
Visited by ExxonMobil’s Exploration Director Russ Bellis, Yildiz said that exploration efforts for oil and natural gas were being undertaken in Turkey with the collaboration of ExxonMobil, Chevron and Petrobras and Turkey’s national oil company TPAO.

Stating that Turkey’s own production of oil and gas could only meet 8-10 percent of its domestic need and that the country relies on fuel imports, Yildiz stressed the importance of local oil production from the perspective of foreign trade balance. “Turkey needs to produce at least 70 percent of its oil and gas needs”, said Yildiz. “The oil platform to be used in drilling operations in the Black Sea is under construction in South Korea”, the Minister added, stating high hopes for the deepwater exploration project with Exxon on the country’s northern coast.
turkey; oil exploration; tpao; black sea; energy industry; black sea; taner yildiz; chevron; Exxomobil petrobras; russ bellis