ECONOMY


Turkish Petroleum hits production record

Baku, January 31, AZERTAC

Turkish Petroleum (TP) produced a historical record high 110,000 barrels daily of petroleum equivalent in January, the company announced on Monday.

According to TP's statement, the company's domestic production was 34,000 barrels of oil in January, while it produced 43,000 barrels for export.

TP's domestic natural gas production was 775,000 cubic meter and its international natural gas production reached 4.7 million cubic meters over the same period. In total, the company produced 5.5 million cubic meter of natural gas, equivalent to 33,000 barrels of oil.

The biggest portion of TP's production came from projects conducted outside of Turkey. The production project in Azerbaijan constituted 77 percent of international production, followed by Iraq and Russia respectively.

TP increased its reserves with investments worth 28 billion Turkish liras in the last 10 years. The company became an investment magnet with investments worth $1.6 billion in 2015.

International production constituted 65 percent of total production of the company, TP noted.

The company underlined that they speeded up domestic exploration and production activities in line with Turkey's domestic and national energy policy.

TP's domestic production came from Batman, Adiyaman and Trakya provinces of Turkey.

The company reached 39,000 barrels of production through newly explored fields and research and development projects, the statement said.

TP doubled its reserves by making domestic and international investments worth $12.5 billion in the last 10 years, despite uncertainties in the global oil market, it read.

The company targets daily production of 190,000 barrels by 2023.

TP owns a 6.75% share in Azeri–Chirag–Gunashli project, a 19% share in Shah Deniz gas field and South Caucasus Pipeline projects, and a 6.53% stake in Baku–Tbilisi–Ceyhan pipeline.

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