Black Sea; Turkey's Frame for Exploration succes
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Black Sea Oil and Gas summit 11-12 November 2015 İstanbul Dr. Zeynep Elif Yıldızel
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Black Sea; Turkey's Frame for Exploration succes
- 1. Black Sea; Turkey’s frame for exploration success Black Sea Oil & Gas Summit 11-12 November 2015 İstanbul Dr. Zeynep Elif Yıldızel Association of Geological Researches
- 2. Fossil Fuels in the World and Turkey Energy Demand • Today fossil fuels meets the 86% of the energy demand of the World and 91% energy demand of Turkey • In the next 20 years, still the fossil fuels will meet the 80% of the energy demand of World BP,2015 BP,2015million toe BP,2015million toe
- 3. Historical Background of Petroleum Regulations in Turkey • 1934 Mineral Research and Exploration Institute drilled the Baspirin-1 well in Southeast Anatolia • 1934-1954 million barrel Garzan and Raman fields discovered • 1954 Türkiye Petrolleri A. O. established with Law no 6326 as a state economic enterprise as an integrated oil company holding rights to explore, produce, transmit and refine the oil. • By the same law General Directorate of Petroleum Affairs also established in order to enforce the oil sector. • In 1984 midstream and downstream separated from the company and since then she is responsible for E&P activities. • Since 1954 %63 of the total applications were assigned to companies • Since 1954 total of 229 company executed petroleum exploration and production activities • %77 of this 229 companies are foreign companies • Since 1934 total of 207 fields discovered and discovery success is %10 which is the industry average Source: GDPA
- 4. Turkey Runs on Tax and Royalty • The petroleum policy is executed by Ministry of Energy • The regulatory body is the General Directorate of Petroleum Affairs • Company is being granted a license thru application to GDPA • Company has right to perform exploration operations themselves; there is no carry of state or NOC • Transfer of rights are available • Company can sell the produced oil in arms length • Company pays tax and royalty to the government • Company owns the resources underground Total of 158.1 million $ Source: GDPA
- 5. Turkey’s Government Take •Turkey is one of the best countries that the Government take is the lowest •There are a plenty number of countries on World that runs the oil business with concession type •In tax and Royalty (concession) contractor interest and contract stability increases and host government control decreases
- 6. Law. No. 6491 OFFSHORE ONSHORE Exploration Period 8+3+3= 14 years If discovery made extra 2 years given 5+2+2=9 years If discovery made extra 2 years given Production Period 20+10+10 20+10+10 Licence area max. 1 million hectares max. 56.000 hectares Commitment 1 well and 1 well / extension 1 well and 1 well/ extension Guarantee %1 of total investment should be given as guarantee within 30 days %2 of total investment should be given as guarantee within 30 days Application Period 90 days from the first application to the same area 90 days from the first application to the same area Granting Duration 60 days prior to first 90 days 60 days prior to first 90 days Royalty %12 (~1/8 of total production) %12 (~1/8 of total production) Tax corporate tax withholding tax income tax Total not exceed %55 corporate tax withholding tax income tax Total not exceed %55 Capital transfer Transfer is allowed for every quarter Transfer is allowed for every quarter Offshore seismic and drilling Exempted from cabotage law NA Materials used in petroleum operations Exempted from custom duties Exempted from custom duties Export (for only discoveries made after 1980) %45 of total production is allowed %35 of total production allowed Petroleum Law of Turkey
- 7. How Much Exploration Done in Black Sea North Sea • First 75 wells dry • Since 1966, 33 wells had been drilled in the Norwegian sector of North Sea and discovery had been made in the 34th well • In 2013 a company archived 85.000km of 2D and 125.000 km2 of 3D seismic data • EEZ signed by Norwegian in 1977 • Industrial focus over 30 years • More than 7000 wells drilled Black Sea • Since 2005, 6 wells had been drilled in the Turkey sector of Black Sea • The total of 2D and 3D seismic acquired in Turkey Black Sea is 140.000km and 15.000 km2 2D and 3D respectively. • Black Sea EEZ signed in the year 1978 and ratified after Russian Federation in 1997 • Before 2005 nearly 100 wells drilled. • Frontier area for the industry • One major discovery in the offshore Romania (Neptun block) Source:GDPA Black Sea
- 8. What Has Been Done in Black Sea Turkey’s Black Sea Deep Water Drilling Well Name Year JV TD (m) Hopa-1 2005 TPAO-BP 3171 Sürmene-1 2010 TPAO 4800 Sinop-1 2010 TPAO-Petrobrass 5531 Yassıhöyük-1 2010 TPAO-Chevron 5155 Kastamönü-1 2011 TPAO-Exxon 5000 Şile-1 2015 TPAO-Shell 6440 Country Estimation of Reserves Investment Source:GeoExPro, 2013 vol.10 no:1 Georgia Modest reserves Limited industry interest Turkey 10 billion bbl oil and 53 Tcf gas Approximately 4 billion $ between 2011-2013 Russia 3.5 billion bbl 11.200 km2 seismic acquisition Ukraine 40Bcm/year 725 million $ Bulgaria 1.600 Bcm 19.571 km2 acreage licensed, 3D seismic acquisition and 4 wells Romania 3 Tcf 6000km2 seismic acquired and 3 wells drilled, yet there are other prospects to be drilled in front GDPATotal:4628 well
- 9. How Much Reserves in Black Sea North Sea vs Black Sea Intense seismic coverage Moderate seismic coverage Loose seismic coverage North Sea Black Sea Deep Worlds 4th largest oil and 3rd largest gas producing area NA yet Cumulative production 48 billion bbl and 127 Tcf gas > 10 billion bbl and > 56 Tcf gas resource estimation Cumulative gross revenue approximately 1500 billion$ NA yet More than 7000 wells drilled Approximately 100 wells drilled
- 10. Why To Invest in Turkey’s Black Sea • Turkey has the advantage of tax and royalty for investors, compared to the other oil business investment instruments • Turkey is still the biggest market in domestic gas demand • Turkey has the advantage of being a gas hub for gas flowing from source to consuming industries • In order to meet the energy consumption of the world 1,5 trillion $ investment in needed until 2030 • Black Sea is still wildcat exploration area; where commercial quantities are expected to lie within the deep offshore area • Black Sea has a big advantage of agreed and signed Economic Exclusive Zone with the regional countries • Turkey has the biggest acreage position in Black Sea, with the deepest water column among the regional countries
- 11. www.jade.org.tr
- 12. Creating Win Win Partnerships between IOC’s and NOC’s 1. What are the main differences between IOCs and NOCs on the subject of their strength and/or weaknesses and how do these differences can be used to create a synergy? 2. How do you think about the NOCs acting like IOCs? Does this makes the partnership more beneficial? (Petrobras, KNOC, Total) 3. What are the major stressful points for NOCs when partnering with big 10 (BP, shell, Chevron etc)? And how does this partnership can be made beneficial for both parties? 4. What is the improvement area to be handled in the JOA and/or PSA signed between NOCs and IOCs 5. Why partnership of IOC and NOC is very common in upstream but less likely in midstream and downstream? How can we make this relationship improved?
Notes de l'éditeur
- Performance, acomplishment, deliverables, preparation, achievements, implementations,
- As every body knows here, fossil fuels have been ruling our lives since mankind found fire. There had been wars setup for sharing the fossil fuel reserves of the world after the invention of modern oil industry since Colonel drake 1859 Today still fossil fuels meets the 86% of the worlds energy demand and as Turkey we are 91% dependent on fossil fuels In the next 20 years the energy truct shows us that still fossil fuels will meet the 80% of the worlds energy demand
- Turkey in oil business dates back to 1934 In 1934 the Mineral Research and Exploration Institute (MTA) drilled the first well Baspirin-1 in southeast Anatolia She (MTA) had discovered the biggest oil fields such as Garzan, Raman, during 1934-1954 In 1954 the national oil company TPAO had been established as a state economic enterprise an integrated oil company holding the rights to explore, produce, transmit and refine the oil product. Later in 1984 upstream, midstream and downstream separated from the company and since then she is responsible for E&P activities By the same law GDPA had been established as a regulatory body responsible for the implementation of policy to the oil business since 1954 there had been 229 companies executed exploration and production activities in which 176 of them are foreign companies Since 1954 %63 of the total license applications were assigned to companies And since 1934 133 oil and 74 gas fields were discovered with a 10% succes ratio
- Turkey runs oil business on tax and royalty system In the equilateral triangle at the top corner, there is policy maker wo is the Ministry of Energy in Turkey and the policies made by the ministry is implemented to the industry by the regulatory body who is GDPA, then at the right corner the oil companies are doing E&P activities in this system. Here TPAO is treated equally with the other IOCs In tax and royalty system the royalty is taken after the gross Prodcution and after the costs incurred then the company pays the income tax. The rest is companies own product. In 2014 according to GDPA numbers Turkey earned 158 million $, where the biggest portion comes from the royalty. In this system the license is granted by GDPA and companies can sell the produced oil in arms length and owns the resources underground where transfer of rights are available Also a foreign company has right to perform the E&P operations by themselves and there is no obligation of carry of state or NOC
- As you may see from the chart that Turkey is one of the best country that takes the lowest government take from E&P There are plenty of countries on earth that runs their oil business on tax and royalty On tax and royalty the government control decreases and contract stability and contractor interest increases
- %1 teminat denizlerde (madde 7/3)
- Kuzey denizinde 1966 dan önce 200 den fazla kuyu kazılmıştır. Norveçe ait kısımda ise 33 kuyu kazılmış ve 34. de petrol keşfi yapılmıştır. When we compare the north sea with black sea the exploration activities started in 1966 in north sea where activities started in late early 2000s The first 75 well was dry in north sea and the first 6 well in Turkey section is dry in black sea. So more to go in black sea More than 85.000km of 2D and 125.oookm2 of 3D seismic and 4D is being acquired as seismic in north sea there is only 140.000km of 2D and 15.000km2 of 3D in Turkey section of black sea EEZ signed in 1977 norwegian and nearly at the same years EEZ signed in black sea There is a 30 years of industrial focus on north sea but still bla
- Turkey had drilled of 4628 wells since 1934 and only 5 of them are in the deep Black Sea waters Among the region countries Turkey is in a good position concerning the estimated resources and is willing to spend 4 billion $ investment. These data clearly show that there are plenty of investment and drilling operations are needed in order to evaluate the basin. Still the area is a frontier area and all the political issues on the sharing of the sea has been resolved. As there is an agreed and signed EEZ within the regional countries. So there is not any political risk waiting for the investors when there is a big discovery
- When we compare the north sea with black sea, we can consider black sea as barren in data. Since the 1965 there had been 7000 wells drilled in north sea but in black sea approximately 100 wells d