Turkish Petroleum's 10-yr revenue hits $18bn
12:22, 11/12/2014, Thursday
AA
Turkish Petroleum increased its production to almost 100,000 barrel per day in its 60th year, says head of company
Turkish Petroleum has increased its production to about 100,000 barrels per day and its income reached $18 billion over the past ten years, the company's head, Besim Sisman, has announced.
Sisman on Wednesday during the company's 60th year celebration in Ankara: "Turkish petroleum increased its production to almost 100,000 barrel per day in the days when we are celebrating the 60th year.
"TP has not only domestic investments. but also investments in exploration in the deep seas and unconventional searches; we hope to get a return on those investments."
He said the company faced opportunities and dangers in the oil and gas sector amid a changing world and would be constantly reviewing its operations.
He underlined that over the past ten years they invested $11 billion and the company's revenues reached $18 billion and added, " but we have to develop and set ourselves up for international competition".
"The company desires to be greater in future with continuous investment. Today, we are also cooperating with either the Turkish Energy Ministry or Turkish Ministry of Development to double our production and reserves."
Sisman said Africa offered the best chances of good opportunities in the long run and TP was engaged in intensive work on the continent with the support and help of Turkey’s Energy Ministry.
'UNCONVENTIONAL PRODUCTION '
Sisman said a shift to unconventional work, such as in arctic oilfields, required serious investments and great technological capabilities, especially with the ongoing fall in oil prices.
But he said the U.S. has showed there was great potential in investing in methods of unconventional energy production.
Sisman said: "Turkey is not an oil- or gas-producing country. but we are continuing to invest.
"Oil production on the south east and natural gas production in the trace region is continuing; Exxon and Halliburton is our collaborator in the Thrace region (in northwest Turkey)."
He added: "The Black Sea has potential ... by the time we see an oil or natural gas, the situation will ... benefit of us. TP has cooperation with international companies in the Mediterranean, such as Shell."
Sisman said the Shah Deniz area was a very profitable field in the middle term and the project would be achieved with the support of the Turkish Energy Ministry.
"There are countries which are also not producing oil and gas. but they are important in this sector and we compare ourselves with them and we understand how much we need to develop ourselves," said Sisman.
Sisman on Wednesday during the company's 60th year celebration in Ankara: "Turkish petroleum increased its production to almost 100,000 barrel per day in the days when we are celebrating the 60th year.
"TP has not only domestic investments. but also investments in exploration in the deep seas and unconventional searches; we hope to get a return on those investments."
He said the company faced opportunities and dangers in the oil and gas sector amid a changing world and would be constantly reviewing its operations.
He underlined that over the past ten years they invested $11 billion and the company's revenues reached $18 billion and added, " but we have to develop and set ourselves up for international competition".
"The company desires to be greater in future with continuous investment. Today, we are also cooperating with either the Turkish Energy Ministry or Turkish Ministry of Development to double our production and reserves."
Sisman said Africa offered the best chances of good opportunities in the long run and TP was engaged in intensive work on the continent with the support and help of Turkey’s Energy Ministry.
'UNCONVENTIONAL PRODUCTION '
Sisman said a shift to unconventional work, such as in arctic oilfields, required serious investments and great technological capabilities, especially with the ongoing fall in oil prices.
But he said the U.S. has showed there was great potential in investing in methods of unconventional energy production.
Sisman said: "Turkey is not an oil- or gas-producing country. but we are continuing to invest.
"Oil production on the south east and natural gas production in the trace region is continuing; Exxon and Halliburton is our collaborator in the Thrace region (in northwest Turkey)."
He added: "The Black Sea has potential ... by the time we see an oil or natural gas, the situation will ... benefit of us. TP has cooperation with international companies in the Mediterranean, such as Shell."
Sisman said the Shah Deniz area was a very profitable field in the middle term and the project would be achieved with the support of the Turkish Energy Ministry.
"There are countries which are also not producing oil and gas. but they are important in this sector and we compare ourselves with them and we understand how much we need to develop ourselves," said Sisman.
Comments you share on our site are a valuable resource for other users. Please be respectful of different opinions and other users. Avoid using rude, aggressive, derogatory, or discriminatory language.