North Sea Oil Rigs Going To Turkey

Wall Street Daily alerting the investors.

www.wallstreetdaily.com...

It’s located just miles away from some of the richest oil and gas fields in the world.

Just off this country’s southern border, a 27-billion-barrel oil field is in production. And further south, a 30-trillion-cubic-foot reserve is pumping out natural gas.

The country is the same size as Texas – with similar geologic formations as those found in the Texas and Oklahoma energy basins. Yet, despite its prime location, this “Ground Zero of the Next Energy Boom” has only drilled 4,400 wells since 1940, compared to over 1.5 million in Texas.

In other words, its massive energy reserves are almost entirely untapped.

Fair warning, though… this country’s true potential will be unlocked very soon. And two companies promise to be at the forefront.

Confirming Turkey’s Vast Potential
Last year, I visited Cyprus during the financial meltdown that was taking place.

The primary reason for my trip was to research the potential for gas development off the coast of Cyprus, in the Mediterranean.

Well, I confirmed that Turkey boasts massive oil and gas potential – both onshore and offshore.

Turkey controls half of Cyprus and has been clear about its intention to claim the potentially huge discoveries that may be found off the coast.

Noble Energy (NBL) is developing the Leviathan and Tamar gas fields off the coast of Israel. As I alluded to above, the fields are estimated to contain more than 30 trillion cubic feet of natural gas, putting Israel on the map as the 25th largest in terms of reserves in the world. And those formations are thought to extend north into Turkish territorial waters, as well as onshore into the southern part of the country.

No wonder Royal Dutch Shell (RDS.A) and Exxon Mobil (XOM) – along with a host of minor companies – are champing at the bit to drill for oil and gas, and apply new fracking technology on Turkey’s land…

The Next Big Energy Juggernaut
The Turkish Petroleum Company is working with Shell on four joint ventures on the Dadas formation in southwestern Turkey.

Geologists compare this formation to the prolific Oklahoma Woodford shale gas play.

Located on the Arabian plate, the formation is also thought to include as much as 100 billion barrels of oil and oil equivalents – hence the deep interest by U.S. and foreign energy majors.

The region has barely been explored, and results from test wells are due to come in over the next few months.

Previous test results showed hydrocarbon formations and have struck oil and gas – but not in commercial quantities. The newer tests will incorporate more recent advances, such as fracking, which should result in much better returns.

Bottom line: While Turkey is currently a net importer of both oil and gas, it has the potential to become the next global energy juggernaut. It’s located between Europe, Asia, and the Middle East – with easy delivery routes by land and sea.

Indeed, Turkey could be a future source of energy for a starving Europe that’s reliant on places like Russia for more than a third of its energy needs.

To top it off, Turkey has some of the most favorable tax treatments for exploration and production – with a 12.5% royalty to the government and a flat 20% corporate tax rate.

Ultimately, if the reserve estimates are proven correct, the big winners here will be the major oil companies – led by Royal Dutch Shell, which could possibly be sitting on the biggest find on its books.

And “the chase” continues,

Karim Rahemtulla

So where will Turkey get the rigs for this rapid expansion?

This from the comments in the Daily Record.

Don't expect many jobs in decommissioning installations, they're heading for Turkey once checks are completed to ensure no foreign marine species can be introduced into Turkish waters. Just in case the powers that be deny this, these checks are currently under way on installations scheduled for cessation of production this year.

www.dailyrecord.co.uk...


I've been waiting to start a thread about North Sea Oil decommissioning being a scam that was never going to happen. I had my doubts because of the way the Brent Spar occupation worked in the industry's favour. I didn't think of this possibility.



The oil industry is crooked in the way it communicates. Everything is a twisted lie with a calculated outcome. I've seen this with the story of the Ninian Central Platform's construction. Lies from the very start. Howard Doris did not present a truthful picture to the Kishorn community when discussing the intended project. Insulting traditional Scottish trust is the way of the oil industry.


What do the oil industry insiders on ATS think? Are the rigs really going to Turkey?

Maybe this is a plan "B" to the Saudi Quatar pipelines seeing Syria is not cooperating . With Oil prices the way they are I am sure getting investments to this project might be a challenge .Even if things went well I am sure we are talking a few years down the road .pay day will be even further down the road . So where is this peak oil imagination they used to drive the prices up with in the past . Need oil ? dig a hole it seems .

I wouldn't be surprised. What is going on with Russia right now and for the last year or so is an economic war. Same thing the US did to USSR, the playbook hasn't changed.

Russia needs to move themselves away from economic stability based upon energy exports, if they don't and fast, they will start going back to USSR crumbling times.

a reply to: Vector99

I think they have started their wheels in that direction .Reading pieces that would suggest that they have started to. With Iran coming back online with oil production ,the price should go down further .Cant imagine what turning on the spigot from Israel and Turkey would do .

a reply to: the2ofusr1

In my opinion there is no other reason the sanctions on Iran were lifted. people may scoff Obama for it, but it really was about the biggest FU he could give to Russia without starting an actual war. What better than to allow a sanctioned oil exporter that is a direct ally of Russia to start selling oil. if Russia contends it, it compromises their alliance. Iran has been waiting literally decades for this moment, and their buddy Russia won't be able to get them to cap it.

That and the relations with Cuba, people really underestimate what Barry has done.

The Cyprus gas is real alright.....
I don't see why Turkey should be bereft of oil reserves ....Syria has lots.....
With the price of oil being so low you would think exploration would slow down though....

a reply to: bandersnatch

It's because the cost of extraction has NEVER been what oil companies claim. At $30 a barrel economies should be crumbling, they aren't. Oil is the biggest scam in modern history, thanks OPEC.

a reply to: Vector99

A few more mistakes like this from 2007 would help expose the scams.

'Kill the cable, kill the cable,' shouted the security guard as he burst through the double doors into the media room at the Intercontinental Hotel in Riyadh, followed by Saudi police. It was too late.
A private meeting of Opec leaders, gathered this weekend in Riyadh for the cartel's third meeting in its 47-year history, had just been broadcast to the world's media for more than half an hour after a technician had mistakenly plugged the TV feed into the wrong socket. The facade of unity that the cartel so carefully cultivates to a world spooked by soaring oil prices was shattered.

Sometimes, such innocent mistakes can have far-reaching economic and political consequences. Commodity and currency traders said this weekend that oil prices would surge again tomorrow - possibly breaking the $101 per barrel record set in the late 1970s - while the already battered dollar would fall further on the back of the unintentional broadcast.

On Friday night, during what the participants thought were private talks, Venezuela's oil minister Venezuela Rafael Ramirez and his Iranian counterpart Gholamhossein Nozari, argued that pricing - and selling - oil using the crippled dollar was damaging the cartel.

They said Opec should formally express its concern about the weakness of the dollar when the cartel makes its official declaration at the close of the summit today. But the Saudis, the world's largest oil producers and de facto head of Opec, vetoed the proposal. Saud al-Faisal, the Saudi foreign minister, warned that even the mere mention to journalists of the fact that leaders were discussing the weak dollar would cause the US currency to plummet.

Unfortunately his words and those of everyone at the meeting were being broadcast via a live television feed to a group of astonished reporters.

www.theguardian.com...

a reply to: Vector99

If and that is a big IF .Iran and Russia with Iraq and Syria figured out a way to cut the Saudi's ability to the markets they now have ,it would create the new customers needed for Iran and Iraq .The Saudi's sell oil to China but if Iran taps into the Russian pipeline it gets its oil to China bypassing the Saudi's . That is why Syria was so important . So we see a band of countries funding a proxy war against a band of other countries (Russia ,Iran ,Iraq ,Syria) The same actors also took out Libya using the same proxy forces .It didn't take them long to head to the next target after Libya and don't forget that the CIA were running the guns there . It was a covert operation that has a much bigger plan .

Too big of an if. You will not cut the Saudi oil production and marketing. To "tap" into the Russia to China oil pipe line would mean that Iran and Russia and China would have to build yet another pipeline through several countries. That in an of itself will take years to even begin let alone complete.

2015 top oil producer ranking in millions of barrels per day

US - 13.7
Saudi Arabia - 11.9
Russian - 11.0
China - 4.6
Canada - 4.4
Iraq - 4.0
UAE - 3.5
Iran - 3.4
Mexico - 2.7
Kuwait - 2.7

money.cnn.com...

The US abilities in oil production have been expanding since 2008.

Interesting data.

I work in the energy business, more in the sector of manufacturing components for oil rigs. Our markets are down because the oil platforms we help produce have flooded the market. There are more mobile oil platforms ready for use right now that are needed. However, those platforms were integral to the Expansion of the US oil production exploration and increase.

.....Whatever Deep Horizon hit....is still there to tap. just saying.

a reply to: wdkirk



The times they are a changing .The US rules the waves and water has been the biggest mode to transport goods and oil for that matter .Enter the new times . " Will Chess, Not Battleship, Be the Game of the Future in Eurasia?
Silk Roads, Night Trains, and the Third Industrial Revolution in China " www.tomdispatch.com...

""The U.S. is transfixed by its multibillion-dollar electoral circus. The European Union is paralyzed by austerity, fear of refugees, and now all-out jihad in the streets of Paris. So the West might be excused if it’s barely caught the echoes of a Chinese version of Roy Orbison’s “All I Have to Do Is Dream.” And that new Chinese dream even comes with a road map.""

""It helps when you have $4 trillion in foreign currency reserves and massive surpluses of steel and cement. That’s the sort of thing that allows you to go “nation-building” on a pan-Eurasian scale. Hence, Xi’s idea of creating the kind of infrastructure that could, in the end, connect China to Central Asia, the Middle East, and Western Europe. It’s what the Chinese call “One Belt, One Road”; that is, the junction of the Silk Road Economic Belt and the Twenty-First Century Maritime Silk Road.""

""The One Belt, One Road plan for Eurasia reaches far beyond the Rudyard Kipling-coined nineteenth century phrase “the Great Game,” which in its day was meant to describe the British-Russian tournament of shadows for the control of Central Asia. At the heart of the twenty-first century’s Great Game lies China’s currency, the yuan, which may, by November 30th, jointhe International Monetary Fund’s Special Drawing Rights reserve-currency basket. If so, this will in practice mean the total integration of the yuan, and so of Beijing, into global financial markets, as an extra basket of countries will add it to their foreign exchange holdings and subsequent currency shifts may amount to the equivalent of trillions of U.S. dollars.""

""And don’t forget about the bonuses that could conceivably follow such developments. After all, in China’s stunningly ambitious plans at least, its Eurasian project will end up covering no less than 65 countries on three continents, potentially affecting 4.4 billion people. [ ] At the same time, another kind of binding geography -- what I’ve long calledPipelineistan, the vast network of energy pipelines crisscrossing the region, bringing its oil and natural gas supplies to China -- is coming into being. It’s already spreading across Pakistan and Myanmar, and China is planning to double down on this attempt to reinforce its escape-from-the-Straits-of-Malacca strategy. (That bottleneck is still a transit point for 75% of Chinese oil imports.) Beijing prefers a world in which most of those energy imports are not water-borne and so at the mercy of the U.S. Navy. More than 50% of China’s natural gas already comes overland from two Central Asian "stans" (Kazakhstan and Turkmenistan) and that percentage will only increase once pipelines to bring Siberian natural gas to China come online before the end of the decade. ""

will the recent coup in Turkey be a game changer for the Oil and Gas industry, or no?

a reply to: Vector99

Oil is over like coal is over, it just takes the idiots time to realise this. When most of the world are still tooled up to produce cars for the internal combustion engine. The real money will be made by producing the bigger electric cars, and we can have fins again and three people in the front seat.