Turkey Oil & Gas Report Q1 2015 - New Market Research Report

Turkey will remain heavily dependent upon oil and gas imports for the foreseeable future. Phase II of Shah Deniz and the decision to proceed with the TAP and TANAP natural gas pipelines will cement Turkey's position as a critical transit country.. There is upside potential to domestic energy production from the Black Sea and unconventional developments, although it remains too early for either to be factored into our forecasts. Mounting investment into exploration activities underscores the government's growing commitment to increasing its domestic resource base.

The main trends and developments we highlight for Turkey's oil and gas sector are:

* From January to March 2014, crude oil imports rose 3.9% year-on-year. We expect imports over H214 to increase given the lower oil prices over this period and a stabilisation of the lira against the US dollar.
* From October 1, Turkey increased the price of natural gas by 9%. The increase was down to the weakening of the lira reducing the country's purchasing power. Gas demand growth in 2015 will be slightly less than originally expected.
* Peace talks between Cyprus and Turkey have fallen through following Turkey's choice to send a seismic vessel into disputed waters, quashing hopes of more pragmatic...

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