The reserve — identified to be within the Tuna-1 exploration zone  — was discovered some 4,525 meters below the sea bottom, at near 2 km depth. “The question now is how much of this gas is recoverable,” said Jonathan Lamb, oil and gas senior analyst at Wood & Company, a Czech investment bank. Turkey bought three drilling ships in recent years as it dramatically expanded energy exploration in the Black Sea and contested waters of the eastern Mediterranean. The 320 bcm of gas reserves in Black Sea can create a vital economic opportunity for Turkey,” he noted. In late August, Turkey's president Recep Tayyip Erdogan announced that the Turkish Petroleum Corporation (TPAO)'s FATIH drilling ship discovered a 320 billion cubic meters (bcm) i.e. Turkey imports more than 65 percent of the energy it consumes from overseas. However, Sakarya can provide bargaining power for Turkey to renegotiate the pricing in these agreements. Turkey's New Gas Find in the Black Sea Won't Save the Economy . A cooperation with an E&P major may be even more needed if TPAO discovers additional reserves deeper down. What the market really wants to know also is how much they can produce per year, but I don’t think they are in the position to say that yet.”. Rosneft has explored in the Russian part of the Black Sea but without concrete results. AT SEA - AUGUST 21: Fatih Drill ship is seen at sea after the President of Turkey Recep Tayyip ... [+] Erdogan announced the discovery of major natural gas reserves in the Black Sea, Turkey on August 21, 2020. In my free time, I enjoy skiing, sailing, classical music, and my two cats. Opinions expressed by Forbes Contributors are their own. All Rights Reserved, This is a BETA experience. Tuna-1 is located around 100 kilometers south of Romania’s Neptun Deep block  (84 bcm) – the previous largest gas find in the Black Sea discovered eight years ago by Petrom and Exxon. Angst in the Aegean A row between Turkey and Greece over gas is raising tension in the eastern ... close to Turkey’s mainland (see map). Turkey's drilling ship Fatih has been operating since late July in an exploration zone known as Tuna-1, about 100 nautical miles north of the Turkish coast in the western Black Sea. (TRTWorld) “Turkey has realised the biggest natural gas find of its history in the Black Sea,” Erdogan said, adding that Turkey aims to become a net energy exporter. With oil and gas prices having slumped, the economics of developing such a find may be less attractive than in the past. 29, 2020 file photo, in Istanbul. I am a Senior Fellow at the Atlantic Council and the Founding Principal of International Market Analysis, a Washington, D.C.-based global risk advisory boutique. Only the best prospects will be drilled, and only the best discoveries will be developed. Yet, Turkey needs to analyze its options for this project sensibly – if mismanaged the Tuna-1 field could transform from boon to burden for Ankara. Turkey has found significant gas resources in the Black Sea. I advise. Erodğan says 11.3 trillion cubic feet of natural gas was recently discovered at a site in the Black Sea that Turkish vessels began exploring in July. 11 trillion cubic feet (tcf) of natural gas reserves in the Black Sea, within the western part of Turkey's Exclusive Economic Zone (EEZ). The Sakarya field is certainly going to change Turkey’s energy security posture. Wood Mackenzie’s Dr. Andrew Latham, Vice President of Global Exploration, says that the market is becoming more cost efficient but more selective at the same time: “Deep-water exploration and production is expensive, but that spending has become far more efficient. It is highly likely that with further drilling its reserves will be enhanced. (Photo by Celal Gunes/Anadolu Agency via Getty Images), Romanian maritime borders and the inland waters of Turkey, and Natural Resources Minister Fatih Donmez (R) speak to the press on August 21, 2020 on the Fatih Drill ship after the President of Turkey Recep Tayyip Erdogan announced the discovery of major natural gas reserves in the Black Sea. Yet, TPAO has no deep-water experience, suggesting that international support for the subsea operations is a must. Turkey currently has four long-term take-or-pay pipeline contracts with Russia (Blue Stream until 2025 and Bati Hatti until 2021), Azerbaijan (until 2021) and Iran (until 2026). Indeed, Turkey’s well-established oil and gas services sector would likely help TPAO maximize local content in the initial development phase. Instead, they may just contract for services. The Fatih drill ship located the gas in the so-called Tuna-1 field, he said, and exploration is continuing in other fields. My consultancy focuses on political risk, national security, and energy policy, especially in Russia/Europe/Eurasia, and the Middle East. On Friday, August 21, Turkey’s President Recep Tayyip Erdogan announced that a sizeable natural gas field had been found off the Turkish Black Sea coast. The Borsa Istanbul 100 index fell as much as 1.8%, while shares in energy companies including refiner Tupras, Aksa Enerji and Aygaz dropped sharply after the news. According to investment banks, the main issue is the economic extractable reserve value of the well and whether this value would justify costly deep-water upstreaming operations. TurkStream (Turkish: TürkAkım or Türk Akımı, Russian: Турецкий поток; former name: Turkish Stream) is a natural gas pipeline running from Russia to Turkey. 320 billion cubic meters of natural gas reserve is found by Fatih drill ship on July 20 off Black Sea coast, Turkey aims to serve natural gas discovered off Black Sea for public use in 2023, says president. News of the discovery has been welcomed in Turkey as a game-changer with regards to the country's expensive natural gas import bill. (Photo by Celal Gunes/Anadolu Agency via Getty Images). © 2021 Forbes Media LLC. In August, Turkey’s President Recep Erdogan said that the country had made a large natural gas discovery in its waters in the Black Sea. President Recep Tayyip Erdogan on Friday announced the discovery of 320 bcm of natural gas reserves in the Black Sea, near the Turkish coast, hailing the find as the “biggest gas discovery” in Turkey’s history. FILE - Turkey's drilling ship, Fatih, is sailing through Bosphorus toward Black Sea in this May. By targeting only the most-productive reservoirs in deep-water, E&P companies aim to maximize reserves added per well.”. The vessel has been carrying out exploration work for the past month in an area known as Tuna-1 near a Romanian gas field. For 22 years, I was the Heritage Foundation’s leading Russia/Eurasia and international energy expert. Turkey’s drilling ship Fatih has been operating since late July in an exploration zone known as Tuna-1, about 100 nautical miles north of the Turkish coast in the western Black Sea. 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A company backed by the Carlyle Group is also exploring off Romania, aiming to get gas in 2021. This is Turkey’s biggest gas discovery ever and the biggest so far in the Bl Turkey relies heavily on piped natural gas and LNG to meet domestic demand. “Turkey made the biggest discovery of natural gas in its history in the Black Sea,” the president said during a speech in Istanbul, Deutsche Welle (DW) reported Friday. The Oil Industry Has More To Fear From Elon Musk Than It Does Joe Biden, U.K. Government Under Fire From Own Advisor For New Coal Mine Plans, AR/TPO/KD/C26-C27-D26-D27 that is 100 percent TPAO equity, Bulgaria’s and Romania’s maritime borders, “Seismic data shows two more layers of similar reservoir structures below… currently, we are 3,500 meters deep and have cut [into] second important reserve.”, four long-term take-or-pay pipeline contracts. “We didn’t even rely one bit on foreign sources in drilling operations.”. The firm’s interventions span international security, economics, law, politics, terrorism, and crime and corruption. ANKARA (Bloomberg) - President Recep Tayyip Erdogan said Turkey has found 320 billion cubic meters of natural gas in the biggest ever discovery in the Black Sea, and hopes to begin production by 2023. ... there were reports it may have done so in the Black Sea). "The expected reserve is 26 trillion cubic feet or 800 billion cubic metres, and it meets approximately 20 years of Turkey's needs." “This is not clear yet. If and when Sakarya comes online, energy experts argue that Turkey can convince Russia to index its current gas prices to spot natural gas price—a proven strategy of European countries. (Photo by Celal Gunes/Anadolu Agency via Getty Images). 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. Turkey announces discovery of large natural gas reserve off its Black Sea coast Turkey announces discovery of large natural gas reserve off its Black Sea … Turkey is mired in territorial disputes with Greece and Cyprus in the eastern Mediterranean as it searches for oil and gas in contested waters. In addition to consulting for both the public and private sectors, I testify regularly before the U.S. Congress, and appear on Bloomberg, CNN, FOX, BBC, Al Jazeera, and other TV channels. 320 billion cubic meters of natural gas reserve is found by Fatih drill ship on July 20 off Black Sea coast, Turkey aims to serve natural gas discovered off Black Sea for public use in 2023, says president. Donmez stressed that they Turkish Petroleum (TP) will carry out the entire drilling independently, while the segment of pipeline connection to the shore may be subcontracted to an international company. "There is a natural gas finding in the Tuna 1 well," the source said. Tuna-1, some 150 kilometers from Turkey’s coast, is close to an area where maritime borders of Bulgaria and Romania converge and not far from Romania’s Neptun block, the largest gas find in the Black Sea in decades discovered eight years ago by Petrom and Exxon. He gave no details but the sources said he was referring to a gas discovery in the Black Sea, and one source said the scale of the reserves could potentially meet Turkey's energy needs for 20 years. Turkey's drilling ship Fatih has been operating since late July in an exploration zone known as Tuna-1, about 100 nautical miles north of the Turkish coast in the western Black Sea. Romania has shallow-water gas projects, but a major deep-water find by eight years ago has still to be exploited. Sakarya is an ultra-deep-water exploration well within block AR/TPO/KD/C26-C27-D26-D27 that is 100 percent TPAO equity which is 7000 square kilometers in all. © 2020 World Oil, © 2020 Gulf Publishing Company LLC. All material subject to strictly enforced copyright laws Please read our Terms & Conditions, Cookies Policy and Privacy Policy before using the site. Russian gas giant Gazprom said Sunday it had started construction of a gas pipeline under the Black Sea to Turkey that also aims to provide gas to the European Union. Turkey’s Energy Minister Fatih Donmez said that there are still around 1,000 more meters of drilling to be conducted: “Seismic data shows two more layers of similar reservoir structures below… currently, we are 3,500 meters deep and have cut [into] second important reserve.”. Turkey’s state-run oil company TPAO, however, has no experience in deep-sea gas production and would likely need to enlist a major firm to exploit a field. Turkey's maritime boundary delimitation agreements were made between 1973 and 1999 with neighbouring countries. The Fatih drillship began work late last month in the Tuna-1 zone, about 100 nautical miles north of the Turkish coast in the western Black Sea. Turkey discovers 320 billion cubic meters of gas in the Black Sea. Back then, the estimate Turkey … "There is a natural gas finding in the Tuna 1 well," the source said. Markets have not quite shared Erdogan’s optimism: after an initial rally, the lira slipped back, resuming its … The formation is located some 150 kilometers off Turkey’s western Black Sea coast, and is at the perimeter of Bulgaria’s and Romania’s maritime borders. The Sakarya gas field has the potential to set up new geopolitical tensions with Ankara's Black Sea neighbors. I am a Senior Fellow at the Atlantic Council and the Founding Principal of International Market Analysis, a Washington, D.C.-based global risk advisory boutique. You may opt-out by. Turkey is reported to have discovered an energy resource, likely natural gas, in the Black Sea, several news agencies reported on Wednesday. “There is a natural gas finding in the Tuna 1 well,” the source said. Even beyond these dates, Turkey will continue to import from these suppliers. ISTANBUL: Turkey announced its biggest ever natural gas discovery on Friday (Aug 21), a 320 billion cubic metre Black Sea field which President … Turkey in August announced the discovery of deposits evaluated at 320 billion cubic meters of gas in the Black Sea, not far from Neptun Block, located in the Romanian territorial waters.President Recep Tayyip Erdogan was quick to declare that his country wanted to start using these resources since 2023 and become a net energy exporter. Turkey’s emerging economy still does not enjoy a strong country risk ranking, and FDI for large hydrocarbon projects does not come easy these days. The oil price crash of 2015-16 and the price plunge earlier this year tightened operators’ focus on costs. ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan announced on Friday the discovery of a large natural gas reserve off the Black Sea … 320 billion cubic meters of natural gas reserve is found by Fatih drill ship on July 20 off Black Sea coast, Turkey aims to serve natural gas discovered off Black Sea for public use in 2023, says president. Black Sea Turkey Map - Turkey - Mapcarta Turkish President Recep Tayyip Erdogan has announced Friday the discovery of a large natural gas reserves off the Black Sea coast, days after he promised "good news" that would usher in a "new era" for the energy dependent country. However, Turkey doesn’t seem very keen on working with international E&P majors, at least not along the production sharing model. To attract international majors to Sakarya, Turkey needs to prove attractive geology and reserve data, and offer an array of economic incentives. Turkey’s President, Recep Tayyip Erdogan, announced on August 21 a major, 320 billion cubic meters (bcm) – over 11 trillion cubic feet (tcf) – lean natural gas find in the country’s EEZ, at the Tuna-1 well in the Black Sea. While certainly a promising development for Turkey’s energy security, important unknowns remain surrounding the economic viability of Tuna-1 (aka ‘Sakarya’). This is an ultra-harsh environment.”. Erdogan said in August the field contained 320 billion cubic metres of gas, making it Turkey’s biggest natural gas discovery. I am also a Senior Fellow with the International Tax and Investment Center (ITIC) where I direct their Energy, Growth, and Security Program (EGS). 320 billion cubic meters of natural gas reserve is found by Fatih drill ship on July 20 off Black Sea coast, Turkey aims to serve natural gas discovered off Black Sea for public use in 2023, says president. Only then can it confidently hail the game-changing prospects of this new find. In 2010, Romania found natural gas in its first deep-water exploration well – the largest gas find in the Black Sea in decades. I advise law firms and corporations, and once helped to get a famous Russian oligarch out of Putin’s jail. It starts from Russkaya compressor station near Anapa in Russia's Krasnodar Region, crossing the Black Sea to the receiving terminal at Kıyıköy.. “Turkey made the biggest discovery of natural gas in its history in the Black Sea,” Erdogan noted, suggesting that the country would soon become a net exporter of energy. A … It’s keen to find sizable energy reserves to ease its heavy reliance on imports from Iran, Iraq and Russia, and support one of the biggest economies in the Middle East. France has temporarily increased its military presence to ward off Turkish steps, and German Chancellor Angela Merkel on Wednesday said the EU was concerned over the increased tensions. But Is It For Real? Turkey’s discovery of 320 billion cubic metres of natural gas in the Black Sea on Friday “would be transformational” for a country that has traditionally relied on costly imports to meet its energy needs, according to analysts. This physical proximity indicates that Turkey may face production difficulties similar to Neptun’s in the extraction of Tuna-1 reserves: Wood Mackenzie researcher Thomas Purdie stresses that the Black Sea has a unique morphology: “The basin center is deep, cold, and highly anoxic (lacking oxygen – A.C.). The lira and benchmark share index both gave up gains, though, possibly reflecting disappointment among investors over the size of the deposit. Experts also stress that Turkey needs to work with a major exploration and production (E&P) company to exploit the new find. While the geostrategically positioned country connecting Asia with Europe is still far from achieving President Erdoğan’s goal of becoming a net energy exporter, the 320 bcm gross reserve estimated in Tuna-1 would serve to substantially minimize Turkey’s import volumes and costs. The president said Turkey’s drilling ship Fatih had found some 320 billion cubic meters (11.3 trillion cubic feet) of natural gas in the western Black Sea. 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These harsh, challenging conditions require specialist experience, not currently at TPAOs disposal. The lira fell 0.7% at 7.3470 per dollar at 4:57 p.m. Erdogan said he also expects “good news” from exploration activities in the eastern Mediterranean. AT SEA - AUGUST 21: Turkish Minister of Finance and Treasury, Berat Albayrak (L) and Turkey's Energy ... [+] and Natural Resources Minister Fatih Donmez (R) speak to the press on August 21, 2020 on the Fatih Drill ship after the President of Turkey Recep Tayyip Erdogan announced the discovery of major natural gas reserves in the Black Sea. His statement announcing the discovery of 320 billion cubic meters of natural gas reserves in the Black Sea and his emphasis on the other exploration continuing in the Eastern Mediterranean has attracted the attention of many countries, including Greece. I cover energy, security, Europe, Russia/Eurasia & the Middle East, Erdogan announced the discovery of major natural gas reserves in the Black Sea, Turkey on August 21, 2020. ANKARA (Bloomberg) - President Recep Tayyip Erdogan said Turkey has found 320 billion cubic meters of natural gas in the biggest ever discovery in the Black Sea… Black Sea Turkey in northern Turkey, is a humid and verdant region renowned for its natural beauty thanks to the high precipitation levels distributed evenly throughout the year. The Fatih has been drilling to a depth of 3,500 to 4,000 meters (11,500 to 13,000 feet), Energy Minister Fatih Donmez said last month. Analysts contend that it might take Turkey a decade to extract Black Sea gas and that Turkey’s state-run gas company, TPAO, will probably have to form a joint-venture company with a foreign partner to maximize its returns from this field. The Tuna-1 zone is located off the mouth of the Danube block at the crossroads of the Bulgarian and ... 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