Huge Potential Oil and Gas Reserves in the Black Sea Will Enable Turkey to Achieve Energy Self Sufficiency

Summary

Turkey has witnessed an unprecedented increase in demand for natural gas in recent years while its domestic oil and gas production has declined. With increasing domestic consumption and minimal storage infrastructure, Turkey needs alternate sources for rising domestic demand as high dependence on imports makes the country vulnerable to commodity price shocks and supply uncertainties. High oil and gas reserves potential of the Black Sea, which attracted investments and exploration activities, has finally yielded results. Recent find of potential reserves show that there are 10 billion barrels of oil and 1.5 trillion cubic meters of gas beneath the Black Sea. Turkey’s geographic proximity to major markets and its high domestic oil and gas demand will drive production activities in the Black Sea region - the best bet for Turkey to become energy self sufficient.

Scope

- Insight into how the recent exploration in the Black Sea yielded huge potential reserves.
- The study provides information on the Turkish oil and gas imports during 1996-2008.
- It also discusses the growing oil and gas consumption and its impact on the Turkish market.

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