BP's Global Refining and Marketing CEO, Tufan Erginbilgiç, told Dünya daily that Turkey has received $8 billion from the Baku-Tbilisi-Ceyhan (BTC) Pipeline, the Trans-Anatolian Natural Gas (TANAP) Pipeline and the Shah Deniz projects to date, adding that $15 billion more will also come from these huge energy projects.
"The price of oil does not exceed the ceiling price of $70 for five more years," Erginbilgiç, who manages BP's $200 billion turnover, said during the 22nd World Petroleum Congress (WPC) organized for the first time this year in Istanbul under BP's platinum sponsorship.
Stating that the decline in oil prices is supply-related, Erginbilgiç said that inventory levels have climbed with the U.S. finding shale, adding that they saw 3 billion barrels while the normal stock level was $2.6 billion.
"Now, stocks are not growing anymore. There is a balance between supply and demand. Stocks need to decline for prices to increase. If OPEC comply with the limits, I foresee an upward price level of $55. However, $70 will be the ceiling price over the next five years, and I do not expect it to rise above that amount," he noted.
BP's CEO said that processes regarding the TANAP project are moving forward as planned, noting, "We plan to have gas flowing to Turkey next year. Industry growth in terms of gas will be faster than coal and oil in the next 20 years."
Erginbilgiç suggested that when the Southern Gas Corridor project is completed, Caspian natural gas will be shipped to Europe for the first time in history, with Turkey also playing a very important role, adding that Turkey is a crucial strategic business partner for BP.
"We work with Turkey's state-owned companies such as Turkish Petroleum (TP) and BOTAŞ in mega projects like Baku-Tbilisi-Ceyhan and Shah Deniz. According to BP's assessment, the total contributions to Turkey from the BTC, TANAP and the Shah Deniz projects is over $8 billion, including investments made and shares paid," he noted, emphasizing that this figure will reach $15 billion, according to forecast estimates.