E. Gürkan Abay
ANKARA
Turkey’s cumulative net energy import bill will be between $1-1.4 trillion by 2030 according to a soon-to-be-released report from the Paris-based Mediterranean Observatory for Energy.
Turkey’s energy import bill is to more than double between 2013 and 2030 compared to the period between 1970 and 2012, according to ‘Mediterranean Energy Perspectives – Turkey’ report seen by Anadolu Agency.
Rising demand for energy is costing Turkey billions of dollars per year, with major consequences for the country’s economy. Over 60 percent of Turkey’s 2013 total foreign deficit was due to net energy imports.
Turkey will also need to invest around $260 billion in its energy sector by 2030. The electricity sector will account for 65 percent of this total, followed by oil with 25 percent.
The report also estimates that Turkey’s oil production will decline to 32,000 barrels per day from the current production level of 45,000 barrels per day.
“These levels are far from meeting domestic oil demand, which has increased tremendously over the last four decades,” the report claims.
Turkey currently consumes around 700,000 barrels of oil per day.
The report also revealed that Turkey’s annual natural gas consumption will reach 80 billion cubic meters (bcm) by 2030, which is currently 45bcm.
“An important factor contributing to the attractiveness of the Turkish gas market is that Turkey has, to a large extent, harmonized its legal framework of the domestic gas market with the EU,” the report said, adding that: “There is still room for improvement.”
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