Oil exploration investment rises in the first half
by Daily Sabah
ISTANBULSep 10, 2014 - 12:00 am GMT+3
by Daily Sabah
Sep 10, 2014 12:00 am
In the first quarter of the year, $330 million (TL 726.75 million) worth of investments were put into crude oil exploration and production. According to data from the Ministry of Energy and Natural Resources for the first half of the year, 226.3 million barrels of crude oil and 226.3 million cubic meters of natural were produced in Turkey. So far, state-owned Turkish Petroleum Cooperation (TPAO) has produced 5 million barrels of crude oil and 111.7 million cubic meters of natural gas. In 2003, only $147 million was spared for oil exploration work; this figure increased to $952 million by the end of 2013. There was a steep increase in crude oil exploration and production in 2009. While investments made by TPAO for crude oil exploration and production was $71 million in 2003, the company increased its investment to $452 million in 2013. Investment in crude oil exploration and production - not including that by TPAO -- was $76 million in 2003 and $500 million in 2013. TPAO invested $190 million in crude oil exploration and production in the first six months of this year, while the private sector invested $140 million.
Keep up to date with what’s happening in Turkey,
it’s region and the world.
You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.