Why Turkey?


  • As a founding member of the OECD (Organization for Economic Cooperation and Development) and the IEA (International Energy Agency), Turkey’s energy policy has continuously evolved to serve a growing economy and population.

  • Over the past decade, the Turkish economy has grown at an average rate of 5% which in turn has been a major driver of energy demand and investment in the Turkish Market.

  • Natural gas demand is growing at an unprecedented rate and expected to double from its current 4.5 BCF per day to 9.0 BCF per day by 2025.

  • Turkey’s domestic natural gas industry meets only 1-2% of the country’s current (and growing) gas demand. Consequently the country imports most of its gas from Russia, Iran and Azerbaijan. This fact alone, coupled with its top decile fiscal regime (12.5% Royalty and 20% Corporate Tax) designed to attract foreign investment in the energy sector, high European-equivalent gas prices and growing demand makes for a solid investment climate and foundation for growth.

  • As a backdrop to investment security, Turkey is a secular nation with rule of law and is a member of the G20 and NATO.  The country has been an associated member of the European Union since 1963 and continues its negotiations towards full member status.

  • Turkey’s geographic position offers an energy bridge between Europe and the Middle East – Central Asia and as such has fuelled its long standing ambitions to become an energy trading hub in the region.

The Plan

Condor Petroleum, through its wholly-owned subsidiary Marsa Turkey BV (MTBV), has a 100% working interest in two adjoining production licenses located on the Gallipoli (Gelibolu) peninsula in NW Turkey, lying within the SW extension of the prolific  gas-producing Thrace Basin. The company has since proven the area it to be an emerging high-value, low-cost play with significant development and exploration upside. Key to the commercial metrics of the project is the 36” Inter Turkey-Greece-Italy pipeline which transects the Ortakoy license and lies only 16 km from the Poyraz Ridge gas field. MTBV has signed a connection tie-in agreement with Botas, the country’s state-owned crude oil and natural gas pipeline and trading company. The company has recently signed a favorable gas sales agreement with a top tier mid-stream company. The Poyraz Ridge facilities have been designed to handle up to 15MMscf/d and front-end engineering and procurement activities are ongoing. First gas is planned for mid-2017.