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ShreeMetalPrices: Turkey Discovers 540 BCM Natural Gas in Black Sea

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Turkey reported a fresh natural gas discovery inside the Black Sea on Monday, as well as improved estimates for an existing discovered gas inside the basin. In what may be a significant step toward reducing gas imports as well as diversifying the country’s energy supplies. According to Turkish President Recep Tayyip Erdogan. Turkey’s natural gas reserves with in Black Sea now have reached 710 billion cubic metres (bcm).

The country reported a new finding in its Black Sea waters and updated the resource estimate for a gas field that had already been found.

The reserves of the previously discovered Sakarya field have been increased. And a recent discovery at Caycuma-1 has increased estimates of the amount of gas Turkey has in reserve. Which might reduce a significant portion of its import. On which the country is largely dependent.

Erdogan reported as saying, “Based on the review of the data. We have updated the previously declared 540 bcm reserve to 652 bcm.

Our gas reserve inside the Black Sea has increased from 170 billion cubic metre over 710 billion cubic metres with our fresh discovery at Caycuma-1,” added Erdogan.

“This latest discovery will lead the way for additional ones. At a news conference following a cabinet meeting, Erdogan said, “We’ll start drilling additional wells as soon as feasible.
Erdogan of Turkey stated in November that the Sakarya gas field is on pace to generate its first gas as early as next year.

Last month, it was report that the Turkish president had said, “Hopefully, we’ll start utilising this gas next year.

Erdogan says this past week that 13 wells had already dug in the Sakarya area by Turkey.
The president stated on Monday that the fresh find at Caycuma-1 might be link to the bigger Sakarya gas field & then to the nation’s grid from there.

The recently construct gas fields are expect to significantly contribute to Turkey’s energy diversification. To now, the majority of the country’s energy supply has been obtaine from imports.

Effects of the Russian invasion with Ukraine

The Russian invasion with Ukraine has severely hurt Turkey’s economy and energy prices, increasing the cost of energy imports for Ankara.
Turkish officials had anticipated that Black Sea gas resources could satisfy about 1/3rd of the country’s gas demand before this week’s report on fresh discoveries.

Additionally, Turkey is getting ready to host a possible centre for Russian and foreign gas. Which the EU might find politically objectionable.
Erdogan stated that he and Vladimir Putin of Russia had earlier this year agreed to establish a natural gas hub in Turkey.

Erdogan stated, Vladimir Putin declared to the world that ‘Europe may acquire its natural gas from Turkey’.
Putin had first proposed re-routing natural gas supplies planned for the broken Nord Stream pipelines to Black Sea & the establishment of the EU gas hub in Turkey a week earlier.

The two country wasted little time in ordering their respective energy authorities to start working on the technical aspects of implementing Putin’s proposal to establish the gas hub in Turkey in October.
Erdogan also stated that “there would be no waiting” on this matter.

Alexander Novak, The Deputy Prime Minister of Russia. Announce last week that any decisions about the propose Turkish gas hub would make in 2023.

According to Novak, “Gazprom is currently actively working with Turkish partners. With other possible members of this initiative from other countries.” In an interview with Rossiya-24 TV news channel on Friday.

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