Turkey to Lessen Energy Dependence and Improve Finances Following Major Gas Discovery in the Black Sea- Forthcoming IENE Analysis

According to an announcement on August 21 by Turkey's president Recep Tayyip Erdogan a major gas field has been discovered in the Turkish section of the Black Sea.Hailing the find Turkey's president said that " this is a historic step" for the country's troubled economy and its energy security. Presenting details of this latest energy find, Mr.Erdogan said that following exploration activity by TPAO, the state owned petroleum company,a 320 by cubic metres gas deposit had been found

According to energy experts the deposit was identified following extensive seismic research and exploration drilling some 145 kms offshore from the town of Zongdulak in the Black Sea. The precise drilling location known as Tuna 1 is located very near the well known Polshkov and Andrusen geological ridges, and neighbours other major finds such as the Neptun and Skifska reservoirs in the Romanian and Ukrainian sectors respectively. The size of the field,that needs to be confirmed with additional appraisal drilling, would be approximately 40% as large as Egypt's supergiant Zohr field which is offshore in the Nile delta in Egypt and has been producing since 2017.

"As a country that has suffered problems for years as a result of our dependence on foreign energy sources, I believe that we can now look to the future its greater confidence", Mr.Erdogan said. He further added that Ankara would also accelerate its efforts to find gas in the Eastern Mediterranean, where it is embroiled in a bitter dispute with Greece and Cyprus over the delineation of maritime borders and the eventual sharing of hydrocarbon resources.

A detailed analysis of this new discovery by Turkey in the Black Sea and the potentially huge implications that this find is bound to have for the country's energy supplies,the strengthening of its energy base and for its economy is currently being prepared by IENE's team and will be released early in September.