Turkey’s 10 thousand 700 square kilometers of marine seismic studies to be completed: TPAO

It has been reported that the seismic study of an area of 10 thousand 700 square kilometers based on Turkey’s sea borders is about to be completed in order to better understand the new potentials that may occur in the region after the discovery in Sakarya Natural Gas Field.

The accounts of Turkish Petroleum Cooperation (TPAO) for 2017 and 2018 were discussed at the TBMM Public Economic Enterprises (SOE) Commission.

In his speech, TPAO General Manager Melih Han Bilgin reminded that between 2009 and 2019, TPAO earned $20 billion in revenue for $15 billion investment and carried out exploration and production activities in TRNC, Azerbaijan, Iraq, Russia, Afghanistan and deep seas.

Stating that the oil exploration services needed in oil exploration on the open seas are carried out by the company established under TPAO, Bilgin said, “Here, the needed field services, especially deep-sea field services, are offered in domestic and national facilities, fast and flexible, as well as low-cost and solution-oriented at high standards. On the other hand, our oil production in 2020 was 51,600 barrels per day on average. This amount is the largest domestic production produced since 1999. As of 2021, we aim to increase the daily production to 60 thousand barrels.”

Discovery of Sakarya Natural Gas Field

Bilgin shared the knowledge that the discovery of the Sakarya Gas Field in the Black Sea is the world’s second-largest discovery and the greatest discovery made in the seas, when the world’s greatest discoveries of 2020 are listed, continued his words as follows:

“The discovery in the Sakarya Natural Gas field, off the coast of Zonguldak in the Black Sea, is a three-dimensional seismic study that has been carried out in an area of approximately 2 thousand 200 square kilometers since 2019. The determination of this seismic area is based on the 2-dimensional seismic searches made previously. After the discovery in the Sakarya Natural Gas field in the Black Sea, the seismic study of an area of 10 thousand 700 square kilometers based on the sea borders of Turkey is about to be completed in order to better understand the new potentials that may occur in the region. Approximately 96% of this work is finished. This seismic study will be completed within 1 week and 10 days, and will be ready for processing and interpretation after the process.”

Bilgin also noted that TPAO aims to complete the reservoirs with the Sakarya Gas Field Development Project as their goals for 2021.

After submitting the opinions and suggestions, the balance sheets and final accounts of the TPAO General Directorate for 2017 and 2018 were released.

On the other hand, it was stated that Turkish Petroleum Cooperation, which was planned to be discussed in the SEE Commission, was included in the Privatization Scope and Program on 15 August 2015.

After reminding the commission that the tender was held for the sale of 100% administrative shares in the TPAO capital, the following information was shared:

“In the tender, which was finalized on 20 October 2016, the highest bid was received from Zulfikarlar Holding Inc., ₺490 million, and the sale was approved with the decision of OYK dated 28 December 2016 and numbered 2016/90. The decision of OYK was published in the Official Gazette. With the sales agreement signed with Turkuaz Petrol Urunleri Inc., a group company of Zulfikarlar Holding Inc., on April 4, 2017, the transfer of the company’s shares to the private sector was completed.”

Source: AA / Translated by Irem Yildiz

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