Turkey Set to Make First Natural Gas Delivery Following Discovery
Turkey's Black Sea gas discovery marks the country's most ambitious energy production project, according to Financial Times. The first delivery within the scope of this project is set to be made soon, with some of the gas produced at the facility to be exported to Europe, where there is significant potential for the product. This comes as many countries on the continent face cuts in Russian gas supplies following sanctions imposed on Moscow after the Russia-Ukraine War.
Moreover, the gas reserve in the Black Sea is a vital support for Turkey, which is a major energy importer and receives almost all of the gas it consumes from abroad. Turkey's net energy imports, which include oil, gas and other products, were $80 billion last year, causing a significant increase in the current account deficit. The Sakarya project is hence seen as an important support for the country's energy sector.
When a further seven wells become operational in September, gas production of 10 million cubic meters per day will begin, corresponding to about 7% of Turkey's total gas consumption last year. The project's development comes three years after the discovery, as Turkish Petroleum, which spent $1.8 billion for the first phase of the project, plans to ramp up its production in the coming years. Full capacity is expected to reach 40 million cubic meters per day.
