Europe / Caspian / CIS

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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

18 Oct 20
Turkey raises Tuna-1 gas discovery reserves to 405 bcm
Turkey had raised the estimated reserves in the recently discovered Tuna-1 gas discovery off its Black Sea coast to 405 billion cubic metres - equivalent to around 14.3 trillion cubic feet - after finding an additional 85 billion cubic metres.
14 Oct 20
Turkey: UKOG announces update on the recently acquired Resan Licence in Turkey
AIM-listed UK Oil & Gas (UKOG) has announced that it has now successfully executed the farmin agreement and the joint operating agreement with Aladdin Middle East for its 50% interest in the 305 sq km Turkish Resan Licence and the respective oil appraisal and exploration programme.
09 Sep 20
Turkey’s Tuna gas discovery could save it up to $21 billion in import costs - Rystad Energy
The future development of Turkey’s giant Tuna-1 gas discovery could save the country up to $21 billion in import costs, Rystad Energy estimates, depending on the field’s peak output, which remains to be determined pending appraisal drilling and further testing. Actual savings could be even higher as global gas prices and import costs are expected to rise in coming years.
07 Sep 20
Turkey: GE Renewable Energy brings two more wind farms to life in Turkey
GE Renewable Energy has completed the installation and commissioning of the 53 MW Kirazli and 32 MW Meryem wind farms in Turkey.
25 Aug 20
Turkey: Trillion Energy comments on TPAO's potential super giant gas field discovery proximate to the SASB gas field, offshore Turkey
Trillion Energy International has commented on TPAO's recent Tuna-1 gas discovery made proximate to its South Akcakoca Sub-Basin ('SASB') gas field, offshore Turkey, which is estimated to be the largest natural gas discovery in the Black Sea to date and potentially one of the largest in Europe in recent history.

Turkey - more news

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