Baku, Azerbaijan, July 9
By Aygun Badalova - Trend:
The role of Turkey as a transit hub for oil and gas supplies from Central Asia, Russia and the Middle East to Europe and other Atlantic markets is growing, the report of the US Energy Information Administration (EAI) said.
"Turkey is a major transit center for oil supplies," the report said. "It is becoming an important transit point for gas supplies now."
Turkey's proven oil reserves as of January 1, 2015 totaled 296 million barrels, most of them are located in the southeastern region of the country, the report said with reference to Oil & Gas Journal (OGJ).
In 1991, oil production in the country reached a peak of 85,000 barrels a day. Afterwards, it began falling annually, reaching 43,000 barrels a day in 2004.
Although the oil production has increased in Turkey since 2004, its level remains below the annual consumption volume.
The consumption of liquid hydrocarbons amounted to 712,000 barrels per day in Turkey in 2014. More than 90 percent of the country's consumption is implemented through imports, mainly from Iraq and Iran, EIA said.
In 2014, the country has significantly reduced its gas imports from Russia, which was once the largest supplier of gas to Turkey.
The report also said that according to the expectations of the International Energy Agency (IEA), oil imports by Turkey over the next decade will be doubled.
The report of EIA said that Turkey plays a strategic role in the transit of gas because of its geographical location - the country is situated between the world's second largest gas market - continental Europe and the Caspian basin and the Middle East, rich of gas reserves.
The OGJ magazine said that the estimated reserves of natural gas in Turkey as of January 1, 2015 amounted to 218 billion cubic feet. In 2014, Turkey's gas imports totaled 1.7 trillion cubic feet. The largest supplier of gas to Turkey is Russia.
Edited by CN
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