We consume about 700k barrels per day, so 1 billion barrels would meet 4 years of our consumption. If the quality is good this is pretty huge. With the current low prices of crude oil, 4 years of oil imports are worth at least $80B.
We consume about 700k barrels per day, so 1 billion barrels would meet 4 years of our consumption. If the quality is good this is pretty huge. With the current low prices of crude oil, 4 years of oil imports are worth at least $80B.
They will probably have a set production each year like one half or one quarter of consumption, so in the end it would be stretched for 10 years or so and work like dollar cost averaging.
I wouldn't say this for natural gas but it would be best to consume oil relatively quickly, say by the second half of 2030s. I think private cars and public transportation will switch from oil to electricity much more quickly than anticipated in Turkiye and with a similar global trend global demand for oil should fall in 2030s, causing a fall in price.
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2022 energy-related imports amounted to 97 billion dollars.
Total imports of mineral fuels, mineral oils and products derived from oil and gas, and bituminous substances amounted to 97 billion dollars!
More than 25% of total imports. When taken together with gold imports, this part accounts for the total sum foreign trade deficit. When we overcome dependence on foreign energy sources, a new era will begin for Turkiye.
Total imports of mineral fuels, mineral oils and products derived from oil and gas, and bituminous substances amounted to 97 billion dollars!
More than 25% of total imports. When taken together with gold imports, this part accounts for the total sum foreign trade deficit. When we overcome dependence on foreign energy sources, a new era will begin for Turkiye.
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Oil and gas are a blessing and a curse.
A blessing if the money is well spend on renewables, hydrogen and wind energy. Use the 10-20 years of revenue that we will get out of the wells to never need them again.
A curse if the money out of the wells will seek into the swamp of corruption.
Also be cautious about any pre-elections discoveries.
A blessing if the money is well spend on renewables, hydrogen and wind energy. Use the 10-20 years of revenue that we will get out of the wells to never need them again.
A curse if the money out of the wells will seek into the swamp of corruption.
Also be cautious about any pre-elections discoveries.
YeşilVatan
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I am a strong advocate of
1-hybridization
2-Mass scale CO2>oxygen coversion via algae tanks. You just have to stabilize the heat and clean the tanks from time to time. That's basically 1890s tech.
3-De-automobilization. It's healthier, more economical, good for self reliance on the international arena.
Heartbang
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One more funny thing to add: in 2021, refined petroleum products are the biggest category of goods we imported from Greece. Over 2 billion dollars worth!
That means we are literally feeding the "enemy"!
Deliorman
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Are Germany, South Korea, China, Poland, Czechia etc oil producers and exporters? Why they manage to have a positive trade balance and Turkey doesn't?
Aren't you guys tired of the same illusions we have been hearing for years how SOON Turkey will be this and that... and SOON everything will be better etc... all while Turkey and it's economy get's worse and worse every single day.
Enough of these empty (election) promises and illusions.
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Another update
1 billion barrels is an estimate(conservative), not the final number. The reserve area is vast and additional studies are needed. Drillings will continue to determine the size of the current reserve and to find and develop new reserves in the neighboring fields with good prospects.
Oil is of the highest quality it has 41 API gravity. It is light crude oil.
Daily production of current reserves might reach somewhere between 250k to 300k barrels per day(estimated) when the production reaches its peak.
There is also oil discovery in Diyarbakır/Çınar. The place is located between Diyarbakır and Mardin.
1 billion barrels is an estimate(conservative), not the final number. The reserve area is vast and additional studies are needed. Drillings will continue to determine the size of the current reserve and to find and develop new reserves in the neighboring fields with good prospects.
Oil is of the highest quality it has 41 API gravity. It is light crude oil.
Daily production of current reserves might reach somewhere between 250k to 300k barrels per day(estimated) when the production reaches its peak.
There is also oil discovery in Diyarbakır/Çınar. The place is located between Diyarbakır and Mardin.
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We are decades behind the countries you mentioned in creating brand value in value-added exports. One of the most fundamental problems of our economy is the current account deficit. Overcoming this barrier will have great benefits for the country's economy. Why should I get tired of hoping for this and why should I give up advocating for this? My dream is an independent country in substance, not in word.
You will grow your industry, limit your energy imports and stabilise at some point. You have to do this. Corruption within institutions, savings problems, political mistakes are of course there. But we are not discussing the economy here with citing academic studies, we are only expressing our wishes and basic ideals.
Deliorman
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An Independent and developed country can't be achieved neither in words nor in substance when you don't have good education, when you don't fight corruption, when your judiciary is not working. Turkey is a country where institutions are dependent on the will of one Party, where they are not working and are deeply corrupt.
Educated people are the ones that are free in their thinking. Educated people see and understand the world. In a country where you are afraid to make a Joke on Twitter because tomorrow the Authorities will send you to Silivri you can't expect free minds to create and thrive. This is why you have record breaking numbers of young and educated people leaving Turkey in the last years.
In such a country you will never have a high tech industry and brands with high added value products. No matter how much oil you find in Gabar or how much gas there is in the Black sea...
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TPAO decided to increase investment in Gabar. High-level bureaucrats are visiting the TPAO drilling facilities. High API gravity suggests that the reserve might be similar to oil reserves in Saudi Arabia or Gulf countries. TPAO might have just hit the jackpot.
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Turkiye is a country with a very different potential and large hinterland, and its geopolitical position allows it to establish its own power centre, or rather to create a very balanced policy that can include both the east and the west. If it could have become an industrial giant like Korea and Germany, it would already be one of the world's major powers. However, while these two countries, one of which was completely destroyed in the 1940s and the other in the 1950s, were moving forward despite all kinds of economic crises and political depressions, we were experiencing a major mental collapse in those years. Most of the problems and shortcomings we have are things that have been formed, accumulated, traditionalised and taken for granted in these decades. We cannot suddenly turn the story around, but we can work towards it.
This country, which built its first reactor in 1960 and prepared the first NPP tender in 1973, will hold the ceremony for the first NPP reactor in 2023. While countries like Romania discovered their gas-oil potential in the 1980s, we, who share the same sea and Tuna basin, realised that we had such a potential in the 2010s. This alone speaks volumes.
You just cited China as a good example and then said not being able to criticize on Twitter and one party rule are why a country can't develop. These contradictions happen when you repeat talking points from others. The brain drain or markers of economy other than inflation are not as bad as you've been led to believe, especially when compared to other countries. There is no basis for excessive pessimism.
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TPAO CEO Melih Han Bilgin visited Gabar today.
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We have discovered more oil and gas this month than during the entire period of the republic. My god how fortunate we are...
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Neither the Blacksea gas discovery nor the Gabar oil discovery is new and has nothing to do with elections. Gas and oil discovery news on voters' behavior is minimal and probably in a bad way.
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I hope what you said is true and that there are huge discoveries. Of course awaiting official confirmation and taking elections into consideration. But oil and gas will not save the country.
We need to be an export focused economy, good education, high R&D expenditures, even professionalizing agriculture in the country. Create a middle class with a good income to create a decent sized domestic market.
Services and High Tech is the way forward, oil & gas can be the fuel of speeding up those developments.
Countries fixated on natural resources will get lazy and stagnate. Dont aim to be the next UAE, Qatar but South Korea or Germany.
We need to be an export focused economy, good education, high R&D expenditures, even professionalizing agriculture in the country. Create a middle class with a good income to create a decent sized domestic market.
Services and High Tech is the way forward, oil & gas can be the fuel of speeding up those developments.
Countries fixated on natural resources will get lazy and stagnate. Dont aim to be the next UAE, Qatar but South Korea or Germany.
Deliorman
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I cited China as a country that is a real exporter while importing majority of it's energy. I didn't say that it is a country that is democratic, free and lacking corruption. My mistake is to put a country of a continental size together with midgets like Poland, Germany, Korea. Instead of trying to show me why I am not right you prefer to concentrate on one "small bush" while ignoring the whole "forest" in front of your eyes.
But it is still good to know that at least you guys admit that the inflation is bad.
