Will Turkey extract natural gas with int’l companies or via domestic facilities?

Turkey’s exploration of 320 billion cubic meters of natural gas in Sakarya Basin with its new name (formerly known as Tuna-1) offshore Zonguldak was the most important agenda item of the week. Experts say that after detailed investigations, the exact amount of natural gas in the region can be determined. Countries such as Russia and Azerbaijan which Turkey buys large quantities of natural gas from are also said to be watching the developments.

However, the important question now seems to be “when and under what conditions the gas extraction will begin”. Turkey which is in a currency crisis, wants to extract natural gas by 2023 as voiced by the President (which is evaluated ambitious by experts). World giants such as BP, Chevron, Eni, Exxon Mobil have kept their silence about the Reserve until now.

Some political experts comment they believe said gas reserves in the Black Sea will be developed and that international companies will be interested in the field in concrete terms soon. They think that these gas reserves in the Black Sea may go far ahead of 320 billion cubic meters. In fact, the natural gas found in Egypt’s Zohr region for instance is known to be 850 billion cubic meters. The logic here is “Why shouldn’t the Black Sea reserves come this far?” Such a reserve would likely attract the attention of multinational firms.