• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 6 minutes Question: Why are oil futures so low through 2020?
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 23 mins Energy from thin air?
  • 2 hours Fast-charging, long-running, bendy energy storage breakthrough
  • 19 hours Has Trump put the USA at the service of Israel?
  • 6 hours CoV-19: China, WHO, myth vs fact
  • 21 hours Solar Cells at 25 Cents Apiece (5 cents per watt)
  • 2 hours Can LNG Kill Oil?
  • 1 hour The New Class War Exposes the Oligarchs and Enablers
  • 17 mins Cheap natural gas is making it very hard to go green
  • 22 hours Trump reinvented tariffs and it worked
  • 1 day Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 39 mins "For the Public's Interest"
  • 2 days Is cheaper plastics feedstock on the horizon?
  • 2 days Natural Gas from Cow Poop Used to Save the Environment and Help Farmers
The Next Renewable Energy Source Could Be Rain

The Next Renewable Energy Source Could Be Rain

The search for next great…

Short Selling In Oil Slows After Initial Coronavirus Panic

Short Selling In Oil Slows After Initial Coronavirus Panic

Money managers continued to liquidate…

Turkey Overtakes Norway as the Largest Oil Driller in Europe

Turkey Overtakes Norway as the Largest Oil Driller in Europe

Turkey has passed Norway as the largest driller of oil in Europe. According to Bloomberg it fielded 26 drilling rigs at the end of 2012, and the Turkish Energy Ministry says that number has already increased to 34 rigs. Spending on oil and natural gas exploration last year was at $610 million, compared with $42 million a decade earlier.

This rush to find new sources of hydro carbon is fuelled by the rapidly expanding economy. Turkey’s economy is growing at 3.5% a year, around twice as fast as most advanced economies, and second only to China.

Related Article: Venezuela's Oil Industry is Likely to Benefit from Chavez's Death

Taner Yildiz, the Turkish Energy Minister, said that the “aim is to make Turkey one of the 10 largest economies in the world by 2023. Finding energy will enable Turkey to achieve its goal.”

According to the US EIA Turkey imported 92 percent of all oil it consumed in 2011, and 98% of all natural gas. Turkey hopes that by investing heavily in domestic exploration and extraction it can reduce imports from Iran, Iraq, and Russia. Turkish Petroleum plans to supply all of the country’s energy needs by 2023.

Currently Turkey’s energy imports are increasing the country’s current account deficit, fuelling inflation, and threatening to restrict economic growth.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage


Leave a comment
  • Philip on January 12 2013 said:
    Dear Joao Peixe

    Thank you for having taken notice of my comments and for having edited your article accordingly.

    Much appreciated

    Philip

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News