TURKEY
EUROPE
Unlocking Turkey’s Potential
It is well-known within the industry that Turkey can benefit greatly from increased E & P investment and a much broader application of modern technology and industry practices, including 3D seismic, deeper vertical drilling, horizontal drilling, hydraulic fracturing, workovers and recompletions, as well as, secondary recovery methods. These practices and technology, if employed on a larger scale, have the potential to dramatically increase reserves and production from both conventional and unconventional plays. While that potential cannot yet be
Well-Defined Plays
Historically, Turkey’s oil and natural gas exploration and development has primarily been focused in Southeast Turkey in the Anatolia Region, near the border with Syria and Iraq, where over 100 oil fields have been discovered to date. The other area of focus has been the Thrace Basin, a natural gas prone region located in
Northwest Turkey where approximately 25 natural gas fields have been discovered to date. The Thrace Basin is a prospective target for unconventional gas (tight gas and possibly shale gas) that has the potential to be unlocked with fracturing technologies in vertical and horizontal wells.
quantified, due largely to the infancy of these practices, there is reason to be very optimistic based on the initial results of some pioneering work being done by local and international players.
Welcoming Investment Climate
In addition to this untapped potential, Turkey’s competitive royalty rate of 12.5% and corporate tax rate of 20% result in relatively high netbacks from a global context, and make Turkey a very lucrative target for investment. Given strong reference prices, and a Government take that is amongst the best in the world, companies operating in Turkey should be capable of reaping very robust returns.
A Wealth of Opportunity
Turkey’s proximity to energy consuming markets, relative ease of monetization, strong realized pricing, robust crude oil and natural gas prices and favorable fiscal terms make it an excellent prospect for international investment. As new players enter the market, bringing with them new capital, new technology, and new industry practices, Turkey’s oil and gas sector is poised to a fast take-off.
And, now an introduction of AME, the Company itself:
Aladdin Middle East Ltd. ("AME") is an independent American oil and gas exploration and production company organized in 1961 and focused on the strategic exploration and exploitation of oil and gas assets primarily in Turkey. AME’s head office is in Wichita, Kansas, while the Company's operational headquarters is located in Ankara, Turkey. Additional field offices are located at operating sites for AME's production leases.
My family has worked diligently for all these years to build it into the exemplary corporation it is today. Thanks to our commitment to excellence and to our experienced, dedicated professional staff,
AME has been a trusted name in the Turkish petroleum industry for over 50 years. Throughout all these years, we have strived to build up a wealth of institutional knowledge about the Turkish oil and gas market, including everything from the country’s unique geology to the laws and regulations which govern the industry. AME has excellent relationships with all of Turkey’s most important industry players, in both the private and public sectors. Unlike in the early days when we started our operations, there is now a fairly well developed oil and gas industry in Turkey that has ultimately enabled us to exit the very competitive drilling contract business, allowing us to concentrate our efforts
more fully on the oil and gas exploration and production projects which are still the primary focus of AME going forward.
Today, the Company holds a balanced portfolio of exploration and production assets that have short,medium and long term potential with over 500,000 hectares of onshore exploration and production licenses and leases mainly in the Southeast Turkey Basin (North Arabian Shield).
AME has been crucial in the development of Turkey’s upstream sector. Through AME's efforts many underexplored basins in Turkey have been evaluated, yielding a vast amount of technical, geological ➔
Finance Monthly CeO AwArdS 2013 17
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