Table of Contents
FIRST OF ALL CLEAR ONE THING
- This natural gas discovery has nothing to do with the recentstandoffbetweenGreeceandTurkey
- ThatcontroversyisintheMediterranean, the recent natural gas that Turkey found is in the black sea
SHIP USED
- Turkey’s first oil and gas drilling vessel, the Fatih, which started drilling in the location on July 20, 2020, discovered the well after a month of drilling.
- The Fatihdrill ship located the gas in the
- so-called Tuna-1field
DETAILS
- President Recep Tayyip Erdogan told reporters that the drilling ship Fatih, which has been operating in the area since July, had found
- 320bn cu m (11.3 tr cu ft) of gas.
- (Example –India imported 19.87 BCM of Natural gas in 2017–18)
- He said it was Turkey’s biggest natural gas find to date.
VALUE OF THE FIND?
TURKISH CURRENCY IMPROVED
LIRA VALUE AS OF NOW
POINT TO NOTE
- Turkey still needs to partner with a multinational company to develop its own field -a process that will cost billions of dollars.
- While on the one hand this obviously helps Turkey reduce its current account deficit, this project’s financing cost and other commitments will be US dollars
BAD NEWS FOR RUSSIA, IRAN AND AZERBAIJAN
- If the natural gas reserve can be commercially extracted, it could help the country reduce its energy dependence on imports from countries such as Russia, Iran and Azerbaijan.
- Although for the near term Turkey will continue to be dependent on gas imports
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