Turkey's Black Sea gas find reaches 405 billion cubic meters

Elias Hubbard
October 19, 2020

Turkey has raised the estimated reserves in a gas field off its Black Sea coast to 405 billion cubic metres after finding an additional 85 billion cubic metres, President Recep Tayyip Erdogan said.

In August, Erdogan said that the Fatih had discovered in the Black Sea Turkey's biggest-ever natural gas field holding estimated reserves of 320 billion cubic metres.

The Fatih vessel started its drilling activities in late July in an exploration zone known as Tuna-1 off the northern Zonguldak province in the Black Sea region.

Turkey's President Recep Tayyip Erdogan and his Vice President Fuat Oktay, Treasury and Finance Minister Berat Albayrak, Presidential Communications President Fahrettin Altun, Presidential Spokesman on board drill ship Faith in Black Sea, October 17, 2020.

Ankara expects gas suppliers to offer more competitive pricing and flexibility if they want to renew long-term contracts totalling 16 billion cubic metres a year.

Turkish ships have been conducting seismic surveys in the eastern Mediterranean Sea, drawing the ire of the Greek and Cypriot governments, which have both accused Ankara of violating their territorial integrity.

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Turkey is increasing its maritime exploration for hydrocarbon energy, as it relies heavily on expensive imports, with Russian Federation as the main supplier.

This week, Turkey sparked a diplomatic row with the European Unionby resuming natural gas exploration in waters contested by Greece and Cyprus.

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

Turkey says that Greece's maritime territory claims in the region, based on small islands near the Turkish coast, are in defiance of the global law.

Erdogan said in televised remarks that the discovery was a "morale booster" and would "significantly reduce Turkey's reliance on foreign resources".

MENAFN provides the information "as is" without warranty of any kind.

Other reports by Click Lancashire

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