Turkish firms ‘should not miss oil chances in Iraq’
Merve Erdil HürriyetTurkish oil drilling and production companies must go to Iraq to guarantee resources for the next 30 years, according to an experienced sector representative.
The number of Turkish oil exploration and production firms is fairly low as it takes a long time to get returns. “Therefore nobody takes risks. However, the Turkish firms which want to be champions, and locate a 30-year oil resource, must go to Iraq,” said Orhan Duran, President of Petroleum Platform Association (PETFORM) and Chief Advisor of Genel Energy Plc.
Duran underlined how risky and costly the oil drilling and production business was. “Such companies need to wait at least five or six years, even 10 years to see the returns of their investments.” According to Duran, Genel Energy has become the champion in this game. “Are we going to see a similar success story? It is not easy but the Turkish companies which have money and desire for investment need to go to Iraq, especially northern Iraq, which is the most stable area in the region,” he said. Duran added that there were many petroleum areas which were still undiscovered in northern Iraq.
Northern Iraq adressed
Regarding the energy resources in Turkey, Duran said Turkey needed to continue the exploration activities both in the Black Sea and the Mediterranean Sea. “If Turkey wants to catch a big fish, why shouldn’t it try the seas around? Turkey has on-land wells but their performance is too low,” he added.
To Duran, the Turkish Petroleum Corporation (TPAO) needs to carry out oil and gas exploration activities in the eastern Mediterranean with strategic partners.