EUROPE
TURKEY
Aladdin Middle East Ltd WINNER:
Cem Sayer
Aladdin’s Commitment to Successful Business Development and Value Growth
Transformation of a Private Oil and Gas Company into an Internationally Recognized and Professionally Run Profit Centre
A distinct pleasure for me first to introduce myself, then to discuss oil & gas potential of Turkey, and finally, relate the history and current outlook of Aladdin Middle East Ltd. (“AME”) with which I have been associated for over twenty-four years in various capacities.
I happen to represent the third generation in a family dealing in the oil and gas industry. The late A. Ecvet Sayer, my grandfather was among the pioneers to generate interest in petroleum business when he was with The MTA (Turkish Mineral Research Institute) which was the Government-formed institution to search for minerals and petroleum before the enactment of the first Petroleum Code and the formation of TPAO (the Turkish Petroleum Corporation) in 1954. With the advent of a milieu favorable for invest- ment, on my late father, Oyman Sayer who started as a lands-man for CALTEX, became involved in several oil and gas companies in different capacities that eventually led him being a partner in AME. He is regarded and remembered as the first private entrepreneur in Turkey to partner with and operate an integrated oil and gas company. As a crucial player in the local oil and gas industry, my father has been my primary mentor to me. I learned a lot from him over the years. I still miss him dearly.
I have been engaged in AME’s affairs in Turkey since 1989, always being involved in several Company projects, when I was still a university student. I am a graduate of Richmond University in the United Kingdom
where I obtained a B.A. degree in 1989, in Business Administration and Economics, with International Business as my major. I also attended various courses in the USA on petroleum economy and drilling practices.
I have had the unique opportunity to work at different divisions in the Company from field-hand to land-man to oil-scout and then move to technical and financial departments at the head office, giving me a grass-roots experience and a back- ground to understand the business in all its different and intricate aspects, especially in skills required for reorganization and restructuring.
My field of expertise involves intensive work in international oil & gas projects and contracts, legislative and financial issues, as well as, corporate restructuring and institutionalization processes. The accomplishments included successful utilization of the company to international drilling contracts outside Turkey, making successful farm-outs, as well as, efficient and profitable appraisal of discovered oil fields in Turkey.
My particular emphasis has been on effective team work and a uniform Board-level support and commitment to company policies and fiscal programs. Thanks to its restructuring, with participation from numerous reputable international investors, AME today operates as a stream-lined company aiming to grow value on its promising oil and gas projects.
As a token of my great interest in the oil and gas industry, I was one of the five individual founding members of PETFORM (Petroleum Platform Association) which was established at the support of operating oil and gas companies in Turkey, to voice out industry opinion and perspective vis-à-vis the Government and related bodies. I served as Vice-Chairman and led the Exploration and Production Group of this Association for five years between 2000 and 2006. I am pleased to see that the Association was quite active during the legislative process in the recent adoption of an entirely new Petroleum Law in Turkey which is hoped to open a new era in oil and gas sector in the years to come.
The Petroleum Industry in Turkey
While Turkey has a known oil and natural gas capacity (estimated proven reserves currently, of 307 mm boe and with local production approximately 66,000 boe/d in 2010), the Country’s oil and natural gas basins are relatively under-explored and under-exploited. Only about 3,730 wells
16 Finance Monthly CeO AwArdS 2013
had been drilled in Turkey up to the end of 2009, of which approximately 60% were drilled in the period from the mid-1950s to the late 1980s. Considerable parts require more extensive exploration drilling given the size and prevalence of the sedimentary basins in the country.
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