If hope and effort expended translated automatically into oil and gas reserves, Turkey would have been self sufficient years ago.
Sadly geology has decreed that thus far what reserves have been identified in Turkey have been small and confined to the far south east and North West of the country. Continue reading »
There is an oft-repeated mantra used to help explain Turkey’s perennially problematic current account deficit: “A $10 rise in the oil price adds $4bn to the current account deficit and half a percentage point to the inflation rate”.
It’s a simplification but it does neatly sum up Turkey’s position as a country with few energy reserves of its own. What it doesn’t tell you is the extent of Turkey’s dependence on imported gas and, given the country’s economic growth, how it is starting to look irreversible. Now the question is whether Turkey can get enough gas at the right time to avoid shortages. Continue reading »
Factoid: more oil wells are being drilled by Turkey than by Norway. That’s the perhaps startling news in a Bloomberg story under the headline Turkey Beating Norway as Biggest Regional Oil Driller.
Hang on a bit. Norway, according to the US Energy Information Administration, is the world’s 14th biggest oil producer, with output of 2m barrels a day. The EIA puts Turkey in 60th place, with output of 56,533 barrels a day in 2011. Norway exports more than 80 per cent of the oil it produces. Turkey imports more than 90 per cent of the oil it consumes. Continue reading »
The recent successful sales of three of Turkey’s 21 regional power distribution companies was good news for Turkey’s privatisation programme and its long stalled plans to liberalise its energy markets.
However news on Friday that the sale of a state coal fired power plant had attracted no less than 16 bidders promises to ensure that 2013 should be the year when Turkey finalises the move from a heavily state-controlled power market to a fully liberalised one. Continue reading »
It is not every day that one of the world’s industrial giants sets up shop with one of the titans of a big, dynamic economy, so Eon‘s proposed joint venture with Sabanci Holding of Turkey has caused quite a stir.
Eon is taking a fifty per cent stake in Enerjisa, the energy group half-owned by Turkey’s Sabanci Holding, replacing Austria’s Verbund, which previously held the shares and which is exchanging its holdings for full ownership of eight Bavarian hydro-electric power stations. Continue reading »
News that Turkey’s Privatisation Authority has postponed the deadline for final bids in the sale of the 1,120 MW Hamitabat power plant from November to January 14 has come as little surprise.
The deadline has already been postponed once, from October 15 and the tender itself is the second attempt to sell the plant, the first having been postponed earlier this year after eliciting only a single bid. Continue reading »