TUROGE is a central meeting place for local and international industry professionals to discuss the Turkish oil and gas market, evaluate inward investments as well as assess progress towards the country becoming an energy transportation hub.
The International Energy Agency estimates that Turkey will likely experience the fastest medium to long-term growth in energy demand among its member countries. It is estimated that electricity, natural gas and oil demand will reach 398-434 billion kWh, 59 BCM and 59 million tons, respectively.
Only 26% of Turkey’s energy needs are met domestically; the remainder is provided by imports. Thus, the Turkish Government is giving priority to the private sector for financing inward investments.
Turkey is also making strong progress in becoming a regional energy hub, with The Kurdistan Regional Government planning to increase oil exports through the Kurdistan crude oil pipeline to Turkey to 400,000 b/d by yearend and 500,000 b/d by the end of first-quarter 2015. This alliance may significantly help Turkey reduce its dependency on Russian and Iranian gas imports.
Furthermore, the country has been undertaking steady exploration activities with current seismic surveys being conducted off the coast of Cyprus, and ongoing exploration in Thrace and the south eastern regions which – to date - has attracted $7.5 billion investment over the past 12 years.
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