Home News Turkey raises Black Sea gasoline area estimate after new discovery

Turkey raises Black Sea gasoline area estimate after new discovery

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Turkish President Recep Tayyip Erdogan mentioned the estimated reserves in a gasoline area off its Black Beach reached 405 billion cubic metres.

Turkey has raised the estimated reserves in a gasoline area off its Black Beach to 405 billion cubic metres after discovering a further 85 billion cubic metres, President Recep Tayyip Erdogan mentioned.

Erdogan mentioned in August the sphere contained 320 billion cubic metres of gasoline, making it Turkey’s greatest pure gasoline discovery.

The Fatih drill ship made the invention about 100 nautical miles north of the Turkish coast.

Even earlier than Saturday’s revision, analysts had mentioned the discover represents a significant discovery and was one of many largest international discoveries in 2020.

“Work on this borehole has been accomplished after reaching a depth of 4,775 metres as deliberate beforehand,” Erdogan mentioned, talking on board the Fatih on Saturday.

He mentioned the vessel would begin new operations in a special borehole in the identical area, referred to as Sakarya, subsequent month after returning to port for upkeep. One other ship, referred to as Kanuni, can be headed to the Black Sea for drilling operations, he mentioned.

If the gasoline could be commercially extracted, the invention may rework Turkey’s dependence on Russia, Iran and Azerbaijan for power imports. Final 12 months’s imports totalled greater than $41bn.

Analysts have urged warning over the invention’s significance, declaring that deep-sea drilling is dear and takes time.

Turkey expects the primary gasoline movement from the sphere in 2023. One supply near the matter mentioned an annual gasoline movement of 15 billion cubic metres was envisaged from 2025.

Jap Mediterranean

Ankara expects gasoline suppliers to supply extra aggressive pricing and suppleness in the event that they need to renew long-term contracts totalling 16 billion cubic metres a 12 months.

Greater than 1 / 4 of Turkey’s long-term gasoline contracts expire subsequent 12 months, together with imports by way of pipeline from Russia’s Gazprom and Azerbaijan’s SOCAR and a liquefied pure gasoline (LNG) take care of Nigeria.

Turkey has additionally been exploring for hydrocarbons within the Mediterranean, the place its survey operations in disputed waters have drawn protests from Greece and Cyprus.

Greece and Cyprus pushed for a harder response to Turkey’s pure gasoline exploration in contested waters at a European Union summit on Friday however had been basically informed to carry off till a gathering in December.

This week, Turkey redeployed its survey ship, Oruc Reis, to disputed waters in an space amongst Greek islands, Cyprus and Turkey’s southern coast.

Turkey pulled the vessel to shore final month for upkeep and resupply, saying the transfer would give diplomacy an opportunity.

EU leaders assembly in Brussels on Friday unanimously condemned the choice as “provocative” and urged Ankara to reverse the transfer.

However Erdogan promised to push forward with power exploration.

“We’ll proceed our seek for hydrocarbon sources within the Black Sea and the Mediterranean,” Erdogan mentioned.

He added the EU had turn into “captive” to Greece and Greek Cypriots within the dispute over pure sources within the jap Mediterranean and this had broken the bloc.

“If the EU doesn’t maintain an unbiased stance in present disputes within the jap Mediterranean, this case would be the official declaration of the tip of the European Union,” he mentioned.