Turkey discovers 1 billion barrels of oil field
Turkish Petroleum (TPAO) has made the largest crude oil discovery in inland Turkey, with an estimated 1 billion barrels of crude oil deposit, the Turkish company said.
The discovery was made in the southeastern province of Sirnak, which borders the semi-autonomous Kurdistan region of Iraq and Syria.
Turkish Petroleum has drilled an exploration well and found more than 162 meters of light oil field with an API gravity of 41. The well is already producing around 1000 tons of oil.
The well already produces about 10,000 barrels of oil a day, the TPAO said.
TPAO plans to drill two evaluation wells and perform well tests to have a complete development plan for the field by the end of this year. Further exploration activities are planned for the second half of 2023. The production target is set at 100,000 bpd, which is more than double Turkey's oil production.
Successful exploration should help Turkey achieve energy independence, the TPAO said in a statement. Currently, Turkey depends mainly on oil imports for its consumption.
The country is also aiming for independence from natural gas, thanks to recent gas discoveries in the Black Sea and the start of gas transmission from the Sakarya field last month.
In April, Turkish Energy and Natural Resources Minister Fatih Dönmez told broadcaster CNN Türk that the volumes of natural gas Turkey has found so far in the Black Sea are worth more than $500 billion. The enormous gas fields would be sufficient to supply all households in the country for 35 years or to cover the total consumption of Turkish natural gas, including that of industry, for 15-20 years, added the minister.
The new gas fields are intended to contribute to Turkey's energy diversification. So far, the country has relied mainly on imports for its energy supply. The Russian invasion of Ukraine has hit the Turkish economy and energy prices hard, making imports much more expensive for Ankara.
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The article Turkey discovers a 1 billion barrels of oil field comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-turchia-scopre-un-giacimento-da-1-miliardo-di-barili-di-petrolio/ on Thu, 04 May 2023 17:00:37 +0000.