Oil Production Amounts News

Even though the coup attempt in Turkey  failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market. Turkey is not a large oil or gas producer; according to JODI its crude oil production amounts to about 48 thousand barrels per day (Kb/d) of crude oil and almost 400 million m3 of natural gas in 2015. The country’s oil consumption averaged about 927 Kb/d in 2015, about 1% of the global consumption. Neither of these statistics would make the country an important energy market player. However, the importance of Turkey to the energy market is related to its geographical location; the country is a major transfer hub for oil and gas.

The Nederlandse Aardolie Maatschappij joint venture between Royal Dutch Shell PLC (RDSA) and Exxon Mobil Corp. (XOM) intends to divest oil and gas fields in the Dutch part of the North Sea, following similar moves by the two companies in the neighboring U.K. offshore sector, Shell said. In an e-mailed statement, Shell said NAM wants to market producing fields connected to the NOGAT pipeline. It added that NAM will sell its share - which it didn't specify - in the NOGAT pipeline. NAM is 50 per cent-owned by Shell and 50 per cent by ExxonMobil. The total daily gas production from the platforms being put up for sale amounts to some 5.4 million cubic meters per day. Oil production amounts to some 1,700 barrels per day.