A total of $2.68 billion - $1.796 billion for international and $272 million for national investment - worth of resources is planned to be allocated to Turkish Petroleum's (TP) oil and natural gas searches and production this year. According to data from the Energy and Natural Resources Ministry's 2016 budget presentation, Turkey's national investment in oil and natural gas search has reached $627 million from $90 million, a six-fold increase, since 2002. Around $272 million of the total $452 million projected for oil and natural gas searches within the country will be assigned to TP this year.
Investments are made both within and outside the country in order to contribute to Turkey's raw oil and natural gas supplies. Accordingly, of the $424 million allocated for national investments last year, TP will be assigned nearly $273 million this year.
Regarding international investments, TP has invested $1.6 billion as of the end of the previous year, and it has been projected that $1.796 billion will be invested this year for international searches and production activities. Continuing its search in southeastern Anatolia and the Black Sea regions in Turkey, TP is currently running searches in Iraq, Libya, Afghanistan and Russia. The company is continuing its development projects in Central Asia, the Middle East, Africa and Latin America. While an equivalent of 22 million barrels of oil were produced last year, this amount is expected to reach 22.4 million barrels this year.
