Business

Turkey’s Black Sea Gas Discovery May Be Bigger Than Thought

Turkey is about to revise up the estimate of its natural gas discovery in the Black Sea according to Bloomberg, quoting sources with direct knowledge of the plans.

In August, Turkey’s President Recep Erdogan stated that the Turkey had made a large natural gas discovery in its waters in the Black Sea. Turkey’s estimate was 320 billion cubic meters of natural gas. It has become its largest-ever gas discovery. According to Turkey’s president that discovery was a historic find that may help to strengthen Turkey’s energy security as oilprice reports.

Turkey currently imports nearly all the gas it consumes.

In August Erdogan expressed his hope that the Tuna-1 discovery could start producing gas as early as in 2023.

Now Turkey is said to be preparing to update as soon as next week the amount of gas after further exploration drilling is completed, Bloomberg’s sources said. The Turkish government is about to disclose a “sizable revision” to the initial estimate, they added.

Turkey’s Energy Minister Fatih Dönmez has said that there are plans to deploy a third drillship to explore for natural resources in the Black Sea, while tensions in the Mediterranean over Turkey’s gas drilling campaign seem to subside.

Turkey’s third drillship, Kanuni, will begin exploration in the Black Sea in early 2021 and will operate alongside the drillship Fatih, which made the Tuna-1 discovery.

Meanwhile, the European Union is directing its efforts to de-escalation of the tension in the eastern Mediterranean, where Turkey has been drilling for gas.

Tensions between EU members Greece and Cyprus on the one hand, and Turkey on the other, broke out again in recent months after Turkey resumed drilling and exploration for oil and gas in the eastern Mediterranean in waters that Greece and Cyprus consider part of their territorial waters.

Leave a Reply