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Black Sea discovery could cut domestic fuel costs, diversify critical supplies

BLACK SEA
OIL & GAS

Black Sea discovery could cut domestic fuel costs, diversify critical supplies

Gas prices in Turkey could start falling earlier than expected and even before the newly discovered Black Sea gas is added to the system, Energy and Natural Resources Minister Fatih Dönmez said Wednesday. The discovered gas would not only be extracted and used more economically compared to imports but will also enable Ankara to better negotiate existing deals. Source: DailySabah

The remarks came in line with the country’s recent efforts to both diversify its supply channels and to increase storage capacity for cheaper liquefied natural gas (LNG) that would replace the pipeline gas imports. Diversifying supply channels is critical for Turkey’s supply security, and the minister highlighted that a country with up to 50 billion cubic meters (bcm) of gas consumption annually should not be left without alternatives.

Speaking with Anadolu Agency's (AA) editorial desk, Dönmez emphasized the importance of the 320 bcm discovery in the Sakarya Gas Field, where drilling and tests are being meticulously carried out.

Dönmez also stated that this reserve may see upward revisions, which is “highly probable,” and the works regarding this would be completed around mid-October.

We do not share information and findings with the public without completing the engineering studies, in this respect, as soon as the ongoing studies are completed, we will share it with our nation.

he said

Dönmez once again reiterated that they aim to deliver the newly discovered gas to the national gas transmission network as of 2023.

Regarding production, Dönmez stated that an operational production plan would emerge following the release of annual production figures.

After these plans emerge, we can calculate the annual and daily production.

he added

Dönmez stated that there was no concrete data regarding the costs of production in the region, saying that estimates could only be made following the completion of engineering work and that Turkey would be able to finance the cost of production from earnings made from the sale of national resources.

Dönmez also pointed out that the Black Sea had the potential to become like the North Sea, which makes up the majority of Europe's natural gas and oil production.

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