TP At A GLANCE > Oil in World and Turkey

As in the world, the primary energy source in Turkey is oil and natural gas and it has grown its strategic importance. It became an essential input and impetus of economy. Having a close look on the current energy sources of the world and the rate of production by the end of 2013, the world oil reserve is about 1.7 trillion barrels and it will last for 53 years. Natural gas reserve is 185.7 trillion m3 and will last for 55 years.

By the end of 2014, the primary energy source of world is shared as 32.6% oil, 23.7% natural gas, 30% coal, 4.5% nuclear energy, 6.8% hydro source and 2.4% renewable energy source. Whereas it is shared as 39.4% natural gas, 26.9% oil, 28.7% coal, 7.2% hydro and 2.3% renewable sources in Turkey.

Daily oil production of the world has increased approximately 12% in the last decade and reached to 86.7 million barrels. The daily consumption has increased nearly 14% and reached to 91.3 million barrels.

Annual natural gas production of the world has increased approximately 29% in the last decade and reached to 3.37 trillion m3. The annual consumption has increased nearly 29% and reached to 3.35 trillion m3 million barrels.

The fluctuation in oil prices and the regional political instability become the current issue in the world and this demonstrates us that it is so crucial for Turkey as it exports the most of the required oil. So it is vital for us to invest on discovering and evaluating new hydrocarbon sources. Thus, Turkish Petroleum’s strategic importance increase day by day as it carries out exploration and production activities in and abroad in order to meet the energy supply security.

The purpose of Turkish Petroleum, which was founded in 1954 with legislation No.6327 and has an integrated, autonomous, contemporary and dynamic structure, is to meet the oil and natural gas demand of Turkey mainly from domestic sources and also from international sources.

In line with this purpose, even if hydrocarbon exploration, production and its contribution to national economy contain high risks, TP carries out these activities of with self-devotion by taking responsibility.

Crude oil consumption of Turkey is 23.257.000 ton whereas natural gas consumption is 39.8 billion sm3. 89.4% of crude oil consumption and 98.8% of natural gas consumption is being met by export. By the end of 2014, TP has 63% of the 1.33 billion barrels of oil reserve of Turkey and 82% of 312 million barrels of remaining producible oil. It also has 62% of 19.2 billion m3 natural gas reserve and 44% of 5 billion m3 remaining producible natural gas of Turkey.

In the last decade, 90% of the geological fields activities , 83% of the geophysical fields activities, 52% of drillings, 73% of oil production and 48% of natural gas production of Turkey was carried out by TP. TP also maintains its exploration activities in Southeastern Anatolia and Thrace region, unexplored basins and other basins and in the last years it has increased its offshore activities.