Turkey upgrades Black Sea gas finds

Turkey

ANKARA, December 27, 2022 – Turkey has revised its discovered gas resources in the Black Sea to 710 bcm (25.1 tcf) following finds at a new gasfield, President Tayyip Erdogan announced on Monday.

A total of 59 bcm (2.08 tcf) of recoverable gas reserves were found at the Caycuma-1 well in water depths of 3,030 metres. The exploration well was drilled by the Fatih drilling vessel.

Erdogan also announced that estimated volumes found at the offshore Sakarya field had been upgraded from 540 bcm (19.1 tcf) to 652 bcm (23 tcf). So far 13 wells have been drilled on the field.

Production from the Sakarya play is expected to come on line in 2023.

An investment plan of around USD 10 billion has been planned to push development of offshore hydrocarbons in Turkey with the aim of reducing reliance on gas imports by 30%.