HomeMediaLatest NewsTurkey has estimated the reserves of gas fields in the Black Sea at 700 billion cubic meters

Turkey has estimated the reserves of gas fields in the Black Sea at 700 billion cubic meters

27 December 2022

Belogoryev Alexey M. Deputy Principal Director on Energy Studies, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, commented to Business FM on the prospects for developing a new field in the Black Sea:

"This is purely for domestic needs, Turkey, like most countries, has long been pursuing a policy of import substitution in terms of energy supplies, conscious diversification of imports in order to be less dependent on one or two countries. On the other hand, it has an ambitious program for renewable energy, and thanks to the discovery of deposits on the shelf, it is now no less ambitious one for the production of its own gas. Another thing is that not everything will work out there, that is, we must understand that not all of the 60 billion cubic meters will be extracted, production there will be much less — 1-2 billion, maybe 3 billion cubic meters per year, and then if geological conditions allow, there is a rather complex geology of these deposits, and not it is quite clear what about the profitability of production. The newly discovered field can probably be launched in 2025, and it will reach its design capacity in 2027-2028."

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