Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Turkey lifts Black Sea gas field estimate after new find - Erdogan

share with twitter share with LinkedIn share with facebook
10/17/2020 | 10:45am EDT

ISTANBUL, Oct 17 (Reuters) - 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 Tayyip Erdogan said on Saturday.

Erdogan said in August the field contained 320 billion cubic metres of gas, making it Turkey's biggest natural gas discovery.

The Fatih drill ship made the discovery about 100 nautical miles north of the Turkish coast. Even before Saturday's revision, analysts had said that the find represents a major discovery and was one of the largest global discoveries in 2020.

"Work in this borehole has been completed after reaching a depth of 4,775 metres as planned previously," Erdogan said, speaking onboard the Fatih.

He said the vessel would start new operations in a different borehole in the same field, called Sakarya, next month after returning to port for maintenance. Another ship, called Kanuni, is also headed to the Black Sea for drilling operations, he said.

If the gas can be commercially extracted, the discovery could transform Turkey's dependence on Russia, Iran and Azerbaijan for energy imports.

Turkey expects the first gas flow from field in 2023. One source close to the matter said an annual gas flow of 15 billion cubic metres was envisaged from 2025. [nL8N2H52Y1

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

More than a quarter of Turkey's long-term gas contracts expire next year, including imports via pipeline from Russia's Gazprom and Azerbaijan's SOCAR and a liquefied natural gas (LNG)deal with Nigeria.

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

Greece and Cyprus pushed for a tougher response to Turkey's natural gas exploration in contested waters at a European Union summit on Friday, but were essentially told to hold off until a meeting in December.

Erdogan said on Saturday that the EU had become "captive" to Greece and Greek Cypriots in the dispute over natural resources in the eastern Mediterranean and this had damaged the bloc.

"If the EU does not hold an unbiased stance in existing disputes in the eastern Mediterranean, this situation will be the official declaration of the end of the European Union," he said. (Reporting by Ali Kucukgocmen; Writing by Dominic Evans; Editing by Mike Harrison)


Stocks mentioned in the article
ChangeLast1st jan.
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.40% 77.318 Delayed Quote.25.55%
US DOLLAR / TURKISH LIRA (USD/TRY) -0.18% 7.86175 Delayed Quote.33.26%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
02:35pEPA U S ENVIRONMENTAL PROTECTION AGENCY : to Award up to $5.5 Million for Clean Diesel Projects in Mid-Atlantic Region
PU
02:34pALESSANDRO PROFUMO : Italy's 5 Star Movement says Leonardo CEO should resign after Monte dei Paschi ruling
RE
02:31pWall Street shares bolstered by stimulus bets
RE
02:30pFed's Evans sees less economic drag from new wave of infections
RE
02:30pUN UNITED NATIONS : New Permanent Representative of Myanmar Presents Credentials
PU
02:25pAPI AMERICAN PETROLEUM INSTITUTE : Publishes Suite of New Standards Focused on Offshore Crane Safety
PU
02:24pWall Street shares bolstered by stimulus bets
RE
02:20pBOARD OF GOVERNORS OF FEDERAL RESERVE SYSTEM : Agencies finalize rule to reduce the impact of large bank failures
PU
02:17pUK Government Threatens To Take Direct Control Of Transport For London - FT
RE
02:15pEUROPEAN UNION : UNDP and EIB expand partnership to support governments in tackling global crisis
PU
Latest news "Economy & Forex"