Japanese and Turkish Nuclear Discussions Suspended

Japan has temporarily suspended its negotiations with Turkey over the construction of a nuclear power plant. This is because Japan has to deal with its damaged nuclear plant, but this incident has prompted many countries to review their plans for nuclear power.

Turkey is expecting to have two or three nuclear power plants operational within the future, but small earthquakes are an almost daily occurrence in a land which is crossed by geological fault lines.

However the Turkish government remains adamant that it will go ahead with its nuclear power plants which are necessary to deal with the growing energy shortage. Oil exploration is continuing off Turkey’s Black Sea coast and the government is committed to continue searching for oil in this region.

At the moment Norwegian oil exploration company Leiv Eriksson is drilling in the Black Sea for the Turkish Petroleum Corporation and Petrobras which is its Brazilian partner, and the American company, Exxon Mobil is expected to begin drilling before the end of April once it completes tests. The Black Sea is thought to hold about 10 billion barrels of oil.

Turkey’s current total oil reserves are thought to be 291.5 million barrels which is only sufficient for 17 years. Its natural gas reserves are thought to be 6.2 billion cubic meters which is only enough for 8.6 years.

While this may sound dramatic the world’s total reserves of oil is only thought to be enough for 49.2 years with natural gas supplies being estimated to last for 59.5 years. As experts are predicting oil prices as high as US$200 per barrel by the end of the year, it seems essential that Turkey continues with its plans for nuclear power.

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Categories: Property Invest / Turkey Property


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