Conferances   Natural Gas

7/11/2017

22nd World Petroleum Congress (II)

IEA’s Executive Director Birol: “The amount of gas produced by USA only from shale gas has reached the level of 2 Qatars. The US will cover all domestic gas needs in the near future and will become a prominent gas exporter. US oil will provide abundance to the market and this will result with a downward pressure in prices.”

Russia’s Energy Minister Novak: “We plan to put the first unit of Akkuyu Nuclear Power Plant into operation in 2023.”

SOCAR President Abdullayev: “The 12.6 billion dollar portion of an investment of $ 19.5 billion planned to be made in Turkey has been completed.”

We hereby continue to present the important speeches delivered during the 22^nd World Petroleum Congress organized by the World Petroleum Council (WPC) in Istanbul between the dates of July 9 and 13, 2017.

Fatih Birol, the Executive Director of the International Energy Agency (IEA) stated during a disclosure made to the press within the scope of the Congress that USA has reached the status of being the number one producer in the world both in natural gas and in oil upon the shale gas and shale oil revolution.

Birol spoke as follows: “The amount of gas produced by USA only from shale gas has reached the level of 2 Qatars. The US will cover all domestic gas needs in the near future and will become a prominent gas exporter, in other words the US has become a super power in oil and natural gas by means of an increase in production both in shale gas and shale oil.”

Birol stating that such an increase in US oil production results with a downward pressure in prices, said “OPEC member countries took an important decision to increase prices by cutting down oil supply. But there is more abundance in the market than a shortage as a result of US oil. The prices have accordingly come down. US oil will provide abundance to the market and this will result with a downward pressure in prices.” Birol noting that low oil prices are an advantage for countries like Turkey, continued as follows: “Taking a look at the current account deficit, it is observed that a major part of the deficit is represented by oil and natural gas imports. For this reason, it is great news for our economy that prices remain at low levels.”

Russia’s Energy Minister Novak: “We plan to put the first unit of Akkuyu Nuclear Power Plant into operation in 2023”

Russia’s Energy Minister Alexander Novak stated during the speech he delivered at the Congress that they have contacted Turkish officials in relation with Akkuyu which will be the first nuclear power plant in Turkey and said, “We plan to put the first unit of Akkuyu Nuclear Power Plant into operation in 2023. We are spending efforts to put the plant into operation on the 100^th anniversary of the Turkish Republic.”

Novak also stating that construction works of 50 km on the maritime section of the Turkish Stream Project have been completed, said “Turkey will soon submit necessary documents to the Russian side in relation with the exit points of the project.”

SOCAR President Abdullayev: “The 12.6 billion dollar portion of an investment of $ 19.5 billion planned to be made in Turkey has been completed”

On the other hand, SOCAR President Rövnag Abdullayev stated during the disclosure he made that their company has been one of the largest foreign investors that invested in Turkey last year.

Abdullayev noting that the investment plans have been revised which were disclosed as a total of $ 18 billion until date within the scope of gigantic projects such as Petkim, Petlim, STAR Refineries and Trans Anatolian Natural Gas Pipeline Project (TANAP), spoke as follows: “As of today, the 12.6 billion dollar portion of an investment of $ 19.5 billion planned to be made in Turkey has been completed. We think that STAR Refineries of which 90 percent is completed and which will be in operation next year will play an important role in reducing the current account deficit of Turkey after Petlim which will be the deepest seaport in the Aegean Region. STAR Refineries which is an investment of $ 6 billion will have a capacity of 10 million tons of processing crude oil per annum.”

Abdullayev pointing out that TANAP which is the Turkish leg of the project that will transmit Shah Deniz gas in Azerbaijan to Europe will transmit the first party of gas to the country next year, said that they will export 16 billion cubic meters of gas to Europe in 2020 by means of the line in question.

Abdullayev mentioning that the Southern Gas Corridor Project which is the second phase of Shah Deniz Project and which was realized with an investment of $ 40 billion has utmost importance regarding the energy supply security of Turkey and Europe, commented as follows: “Shah Deniz-2 Project of which 94 percent is completed constitutes the initial stage of the project consisting of a 3,500 km pipeline and 4 sections, and the expansion of Southern Gas Corridor of which 87 percent is complete, TANAP of which 77.3 percent is complete and the construction of TAP pipelines of which 44.7 percent is completed constitute the remaining stages. 85.4 percent of the section of TANAP up to Eskişehir has been completed and we aim to provide the initial gas flow to Turkey within 2018.”