Iran, Israel promise Turkey's 'next big energy potential'

With so many alternative suppliers in its neighborhood, Turkey should not worry about being dependent on imported gas, provided it can develop an energy strategy to secure competitive prices, the head of Turkish Association for Energy Economics has said. 

Despite the turmoil in the region, and despite the fact that Ankara has in the recent past had strained relations with both, Iran and Israel stand as the next big potential suppliers of gas to Turkey, Professor Gürkan Kumbaroğlu from Boğazici University told the Hürriyet Daily News.

Let's start with where oil and gas currently stand in the energy world.

It is still number one in terms of importance. The shale gas revolution has helped create an oversupply, meaning that prices have gone down over the last couple of years. This has revived the industry and there are tremendous reserves. I think the latest decision by the Trump administration to withdraw from the Paris agreement on climate change is related to its vision to revive the petroleum industry. We are heading into a future where oil and gas flourish, and where gas becomes the fuel of the century.

What does this mean as far as Turkey is concerned? It is after all dependent on foreign energy resources.

Turkey is in a geographically very advantageous position, being located very close to all major suppliers and reserves. In terms of nonconventional reserves Turkey is also rich. Southeast Anatolia hosts a rich basin in terms of shale oil and gas, but due to the ongoing conflict no company will operate there. In terms of offshore reserves, there is the Eastern Mediterranean, while in the Black Sea the technological advances that the Chinese have made could prove promising for the icy...