Türkiye to explore oil in eastern Black Sea: Minister

Oil&Gas Materials 23 May 2023 19:51
Hurriyet Daily News
Türkiye to explore oil in eastern Black Sea: Minister

Türkiye will conduct oil exploration activities in the eastern Black Sea, Energy and Natural Resources Minister Fatih Donmez has said, adding that finding oil in this area is likely.

Oil exploration activities are presently concentrated off the coast of the province of Zonguldak and seismic studies off the coast of Ordu have been finalized, Donmez said in an interview with private broadcaster Haber Global.

“In the next stage, we will turn to the eastern Black Sea. There is a chance that we might find oil there. We will explore everywhere between the western and eastern Black Sea wherever we see a potential to find oil,” he said.

There will be drilling activity off the coast of the area between the provinces of Trabzon and Rize, according to the minister.

Türkiye announced last year a large natural find in the Black Sea. Total gas reserves there are estimated at 710 billion cubic meters.

Earlier this month state-owned oil company TPAO announced the discovery of some 1 billion barrels of oil in the frontier Cudi-Gabar area in the country’s southeast.

New oil find is possible in the Cudi and Gabar regions, Dönmez said in the interview. “Work on opening a second well in the Gabar area started on May 20,” he added.

Local natural gas production and other projects have strengthened Türkiye’s energy security, Donmez said.

“If we had not had the Turkish Stream, we could have faced serious problems. We managed to finish all planned projects on time. Locally produced natural gas strengthens our energy security.”

Türkiye now has the opportunity to sell the spare natural gas to foreign countries, he added.

The minister recalled a government decision to offer free natural gas for one month and a discount for a year.

“This one-year support will be to the tune of 40 billion Turkish Liras,” Donmez said.

Last month, President Recep Tayyip Erdogan announced that consumers will not be charged for natural gas consumption at all residences in Türkiye for one month in May.

Additionally, the cost of natural gas required for kitchen and hot water consumption, which is equivalent to an average of 25 cubic meters per month, will be deducted from the bills for one year.