Turkey has topped up its Tuna-1 natural gas discovery in the Black Sea by 85 billion cubic meters (Bcm) to 405 Bcm, as it continues the search for its own hydrocarbons, Kallanish Energy reports.
President Recep Tayyip Erdoğan announced Saturday aboard of the Fatih drill ship, that the well was drilled to a depth of 4,445 meters and is now complete. Further drilling continues at the Turkali-1 well, also located in the Sakarya field.
With first gas still planned for 2023, Turkey hopes to significantly reduce its dependence on imported natural gas. The timing and volumes of the discoveries are set to benefit the country, which has a large size of its import contracts about to expire.
“The volumes discovered in the Black Sea are our country’s largest hydrocarbon source”, said Erdoğan. “The cost of petrol and natural gas imports, a major cornerstone of our development and growth era, will be reduced.”
“We will also be to provide these services to our nation at a more affordable price. This will allow us to invest the remaining resources into production and employment,” he added.
Earlier this year, Rystad Energy estimated Ankara could save up to $21 billion in import costs, with a breakeven price for the field of around $3-3.50 per million British thermal units (MmBtu). This is lower than the estimated $4.70/MmBtu price of imported natural gas in Turkey, the consultancy firm said.
This post appeared first on Kallanish Energy News.