Reuters says Turkey has found 800 billion cubic meters of natural gas in Black Sea

Reuters news agency reported that Turkey has found natural gas in the Black Sea with the potential to meet its 20-year needs. However, it could take 10 years to get to the production stage. While the “good news” that President Recep Tayyip Erdogan announced he would share on Friday was eagerly awaited, predictions that the topic was natural gas exploration were strengthened by news reports by Reuters news agency, citing two Turkish sources.

One of the unnamed sources noted that the Danube 1 well, about 100 nautical miles off the Turkish border in the Black Sea, has an estimated 800 billion cubic meters of reserves and has the potential to meet Turkey’s 20-year energy needs. The News also pointed out that the Fatih drilling ship has been operating in this region since the end of July.

An investment of US$ 2 billion to US$ 3 billion is estimated to be needed to extract said natural gas, the source told Reuters, adding that it could take 10 years to get to production. Reuters news agency also quoted industry analysts as saying Turkey could face additional investment costs in bringing natural gas to markets.

Experts note that the transition to the production phase could find 4 to 6 years and added natural gas demand and prices were the lowest in history and there was very little investment in new production. Turkey spent $ 41 billion on natural gas imports last year, mainly from Russia and Iran.