Import-dependent Turkey touts 75 Bcm Black Sea gas find

Turkey has discovered a new deposit of 75 Bcm of natural gas in the Black Sea, President Recep Tayyip Erdogan announced May 17, touting the discovery as a step toward domestic energy security.

The gas discovery was made with Turkey's Goktepe-3 well at a depth of 3,500 meters, the Turkish leader told an event at a hospital in Istanbul.

"Our work at the Goktepe-3 well, which began on March 27 with our 7th-generation drilling ship Abdulhamid Han, was completed as of yesterday," he said. "With this amount, we will be able to meet the residential demand alone for approximately 3.5 years," he said.

It was not clear when production could begin from the new project.

Turkey is a major economy connecting Europe and Asia and a significant hub for flows of crude, refined products and other commodities, particularly in the aftermath of Russia's invasion of Ukraine in early 2022.

However, the country continues to rely on imported energy to meet 90% of domestic demand. In February it imported 6.43 Bcm of gas, up considerably year-over-year amid rising gas for power activity, according to energy regulator EPDK.

Crude oil production is estimated at less than 100,000 b/d, from a smattering of small fields in the southeast of the country.

"We will continue on our path without stopping, without resting, and without paying heed to criticism or obstacles until we reach our goal of a fully energy-independent Turley," Erdogan said, according to state media.

Turkey's flagship Sakarya gas field in the Black Sea pumps some 9.5 million cu m/d, according to the government, which has made investments in nuclear, hydropower, solar and traditional oil and gas in recent years. The Sakarya floating platform will increase daily production to 20 million cu m/d in 2026 and to 40 million cu m/d by 2028, according to officials.

The country has also inked deals with several existing and aspiring oil and gas producers, including Libya, Somalia and Niger, to launch oil and gas exploration partnerships.

Turkish seismic vessels are currently exploring off fractured Somalia and on May 13 energy minister Alparslan Bayraktar signed a floating LNG and upstream cooperation deal with his Egyptian counterpart.

On the gas front, Erdogan said Turkey plans to double production by 2026 and then again by 2028.

The newly discovered reserve has a total value of $30 billion, he said, and could be developed with a floating production platform as an extension of the Sakarya project.

Platts, part of S&P Global Energy, last assessed the Dutch TTF day-ahead contract gas price at Eur35.02/MWh on May 16, having fallen from almost Eur60 in February.