Turkey upstream summary Report

Country Report 05 June 2024

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Report summary

Outlook transformed by giant Black Sea gas discoveries and renewed onshore success - State-owned TPAO dominates Türkiye's upstream sector. Domestic supply has historically only met a small part of the country's demand. But both oil and gas production are set to grow to new peaks in the coming decade. Since 2020, TPAO has discovered the giant Sakarya gas field and its satellites in the ultra-deep waters of the Black Sea. Sakarya is the largest hydrocarbon find in ...

Executive summary
Key facts
Location maps
Key companies
- State companies
  - TPAO
  - BOTAS
- Majors
  - Current
  - Previous
- SOCAR
- Other IOCs
  - Offshore
  - Onshore
- Other Turkish operators
Geology
- Introduction
- Key onshore basins
- Thrace basin (gas-prone)
  - Source
  - Reservoirs
  - Seal
  - Trap
- Southeast Türkiye Foldbelt basin (oil-prone)
  - Source
  - Reservoirs
  - Seal
  - Trap
- Central Türkiye basin (oil-prone)
  - Source
  - Reservoirs
  - Seal
  - Trap
- Other onshore basins
  - Adana basin
  - Antalya basin
- Key offshore basins
- Black Sea
- Mediterranean Sea
Exploration
- Licensing
  - Overview
- Key current licences
  - Offshore
  - Onshore
- Key historical licensing
  - Offshore Black Sea
  - Onshore
- Drilling
  - Drilling activity
- Overview
- Onshore - key recent and future activity
  - TPAO-led activity
  - Other operators
- Offshore - key recent and future activity
  - Deepwater rigs
  - Black Sea
  - Mediterranean Sea
- Historical exploration
  - Onshore
  - Offshore
Reserves and resources
- Overview
- Black Sea gas
- Onshore unconventionals
- Reserves
Production
- Liquids
  - Historical production
  - Current and future production
- Gas
  - Historical production
  - Current and future production
Infrastructure
- Introduction
- Oil infrastructure
  - Overview
- Key import and transit pipelines
  - Baku-Tbilisi-Ceyhan (BTC) pipeline
  - Iraq-Türkiye pipeline (ITP)
- Rail and sea transportation
  - Rail infrastructure
  - Ports and shipping
- Refineries
- Gas infrastructure
  - Overview
- Key import and transit pipelines
  - From Russia
  - From Azerbaijan (Southern Gas Corridor to Europe)
  - From Iran
- LNG import terminals
  - Onshore
  - Floating storage and regasification units (FSRUs)
- Underground gas storage (UGS)
  - Silivri UGS
  - Lake Tuz UGS
Policy and regulation
- Key legislation
  - Petroleum Law (law No. 6491)
  - Natural Gas Market Law (law No. 4646)
  - Petroleum Market Law (law No. 5015)
- Regulatory body
  - Ministry of Energy and Natural Resources (MENR)
  - Energy Market Regulatory Authority (EMRA / EPDK)
  - General Directorate of Petroleum Affairs (GDPA / PIGM)
  - Other key regulatory bodies
- State oil company
  - TPAO (Türkiye Petrolleri Anonim Ortakligi)
  - BOTAS (Boru Hatlari Ile Petrol Tasima Anonim Sirketi)
- International boundaries
  - Offshore borders
  - Border disputes / claims
- Licensing
Fiscal terms
- Overview
- Current fiscal terms
- Concessions
  - State equity participation
  - Fiscal/contractual ring-fences
  - Bonuses, rentals and fees
  - Royalty
  - Other production taxes
  - Corporate income tax (CIT)
  - Dividend withholding tax
  - Indirect taxes
  - Liquids and gas pricing
  - Domestic market obligation (DMO)
  - Contractor revenue entitlement
  - Sample cash flow