The head of the International Energy Agency (IEA) Fatih Birol said that Turkey’s giant offshore natural gas discovery in the Black Sea could worth excessively, even equal to Norway’s total North Sea discoveries since 2010.
The gas discovery at a depth of 2,100 m below the seabed in the Sakarya Gas Field, 170 kilometers off the Black Sea coast, is worth USD80 billion in current price trends, said Birol. This finding is of utmost importance for Turkey who is 99% relying on gas imports, which could help cut its natural gas import bill.
Birol opined that to start the field’s production, an investment of roughly USD6 billion would be necessary, and Turkey could benefit in cooperation negotiations with oil service and engineering companies.
He added that Turkey should gain more experience in the offshore industry and related technologies.
