Turkey's oil reserves sufficient for only 17 years

Turkey's oil reserves have been calculated as 291.5 million barrels (43.14 million tonnes) while natural gas reserves are 6.2 billion cubic meters.

Unless new discoveries are made, Turkey's oil reserves would be sufficient for only 17 years while natural gas reserves would be sufficient for only 8.6 years.

The world's total reserves of oil would be sufficient for 49.2 years while natural gas reserves would be sufficient for 59.5 years.

According to a report prepared by the Turkish Petroleum Corporation (TPAO), a barrel of U.S. crude oil will cost 105 USD on the average in 2011.

Possible public unrest in Saudi Arabia and Iran will lead to an increase in the price of a barrel of oil. A barrel of oil may cost more than 200 USD within the year 2011, the TPAO report also said.


/World Bulletin/