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Turkey to increase its energy production

Written by: Bridgewest

Turkey’s development programs include an energy program that will supplement the country’s energy needs. Investments in the country are likely to grow and foreign investors operating in various energy sectors can help Turkey manufacture and exploit its domestic energy sources necessary for supplying the ever-growing demand.
 
Turkey has planned to invest more than $100 billion in the next decade and the country has already invested important amounts for importing drilling equipment. 
 
Turkey wants to increase the exploitation of its natural resources, more specifically, energy resources such as coal, waters, sun and wind. The country also works on plans to construct two nuclear power plants and it is making efforts to seek for other natural resources in order to diversify its energy sources.
 
Various local and foreign companies are involved in drilling operations in Turkey. In 2013, approximately 173 wells were drilled in Turkey and 80 are currently functioning. Last year, the country spent seven billion dollars for drilling and exploration activities and five billion dollars just for importing drilling equipment.
 
A big spender, Turkey finished building the largest oil and gas drilling rig in the country. The machinery will allow Turkey to drill for oil or gas at a depth of approximately 10 thousand meters. The new equipment and the country’s drive for increasing its production will mean that many foreign investors will seek investment opportunities in Turkey in the near future. Using its new oil and gas drilling rig, Turkey will be able to increase the production of oil, gas and the geothermal energy exploration activities.
 
Turkey values petroleum
 
During the next four years, the Turkish petroleum corporations will contribute with approximately 45 billion $ to finance projects such as the Trans Anatolian Pipeline Project or the Trans Adriatic Pipeline. The Turkish Energy Minister has recently declared that the country wants to double its shares in such projects and that the country values petroleum more than money.
 
Recent developments indicate that Turkey is likely to become an important producer and supplier of gas and petroleum and the country is likely to become an interesting destination for foreign investors who wish to run businesses in the energy sector.
 
 
 

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