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Summary | Profile

Country profile: Turkey

Location: Southeastern Europe and Southwestern Asia (that portion of Turkey west of the Bosporus is geographically part of Europe), bordering the Black Sea, between Bulgaria and Georgia
Climate: temperate; hot, dry summers with mild, wet winters; harsher in interior
Terrain: high central plateau (Anatolia); narrow coastal plain; several mountain ranges
Size: 780580 sq. km total (Land area: 770760 sq. km  Water area: 9820
Population: 71,892,807 (July 2008 est.)
Languages: Turkish (official), Kurdish, Dimli (or Zaza), Azeri, Kabardian note: there is also a substantial Gagauz population in the European part of Turkey
Government: republican parliamentary democracy
Capital city: Ankara
Legal system: civil law system derived from various European continental legal systems; note - member of the European Court of Human Rights (ECHR), although Turkey claims limited derogations on the ratified European Convention on Human Rights
Currency: Turkish lira (TRY); old Turkish lira (TRL) before

Country profile

Turkey experienced a strong economic recovery after a financial and currency crisis in 2001 that led to severe economic contraction. During 2005, Turkey's real gross domestic product (GDP) grew by 7.4 percent, down somewhat from the 2004 rate of 8.9 percent. For 2006, real GDP growth is forecast to ease to 4.6 percent, reflecting a number of factors that have slowed Turkish economic growth. These include depreciation of the Turkish new lira, a decline in Turkey’s stock market, rising inflation, and the country’s growing current account deficit. On October 3, 2005, the European Union (EU) began the formal accession framework for Turkey to become a full member of the EU, although this process is likely to take some time. Turkey will be required to undergo further economic reform and liberalization in order to meet EU membership requirements (for more information on Turkey’s accession framework with the EU, see the EU enlargement page ). Turkey lacks significant domestic energy resources. However, its location makes the country an important energy transit country, with the Bosporus Straits, through which Caspian oil passes en route to European markets; the Baku-Tbilisi-Ceyhan (BTC) Pipeline, the first transnational pipeline that transports Caspian oil without crossing Russian soil; and Turkey’s port of Ceyhan, which is the primary terminal through which Iraq’s northern oil exports pass (for more information, please see the Caspian Sea Brief , the Bosporus Oil Transport Chokepoint Brief , and the Iraq Country Analysis Brief ). In addition, Turkey’s relatively large population and growing economy have made the country a significant regional energy consumer in its own right.

Energy production and consumption

Oil Gas
Production: 45,460 bbl/day (2005 est.) 860 million cu m (2005 est.)
Consumption: 660,800 bbl/day (2005 est.) 26 billion cu m (2005 est.)
Exports: 112,600 bbl/day (2005 est.)  
Imports: 724,400 bbl/day (2005 est.) 25 billion cu m (2005 est.)
Reserves: 300 million bbl (1 January 2006 est.) 8 billion cu m (1 January 2006 est.)
Major fields:

Turkey - recent news

23 Jul 20
Turkey: UKOG announces entry into potential high-impact Turkish oil appraisal and exploration project
UKOG has signed a binding heads of agreement with Aladdin Middle East, an independent oil company with 60 years of operational experience in Turkey, to take a 50% non-operated working interest in the 305 sq km Resan Licence. UKOG will take an active technical role in a 5-well oil appraisal and step-out exploration drilling programme.
13 Jul 20
Turkey: Valeura Energy announces trading update
Valeura Energ has provided a trading update for the three-month period ended June 30, 2020. The Company is seeking a seek a new partner to participate in the appraisal and development of its unconventional deep gas play in the Thrace Basin in Turkey.
07 Jul 20
Turkey: Trillion Energy announces Derecik Zagros Basin oil property evaluation
Trillion Energy reports that the evaluation of the Zagros Basin Derecik Exploration Licenses in the Hakkari area of Turkey is complete and yielded promising results. Two drill ready conventional oil prospects have been identified which are expected to contain analogous reservoirs as found in the Shaikan field in Iraq, located 90 km south of the locations.
12 May 20
Valeura Energy announces first quarter 2020 financial and operating results
Valeura Energy, the upstream natural gas company focused on the Thrace Basin of Turkey, has reported its financial and operating results for the three month period ended March 31, 2020.
29 Apr 20
Turkey: Goldwind wins the largest distributed wind project in Turkey
Goldwind has secured a new 6.8MW order for a self-consumption project in Turkey. The contract includes the supply, transportation and installation of 2 units of GW 140–3.4MW wind turbine that will be installed in Bandirma, northwest of the country, in addition to a full service agreement for a period of 20 years.

Turkey - more news

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