More natural gas exploration planned in Black Sea: Minister

ISTANBUL

Türkiye will conduct exploration activities for natural gas off the coast of the province of Ordu in the Black Sea, Energy and Natural Resources Minister Fatih Dönmez has said.

Drilling in this area will begin by the end of 2023, Dönmez said in an interview with private broadcaster CNN Türk. “We are hoping to find natural gas there.”

He also said oil exploration drilling will be launched off the coast of Rize in the Black Sea. There are indications that there is oil in the eastern Black Sea, Dönmez added.

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

“Currently, the market value of this natural gas find is between $450 billion and $500 billion. Its value fluctuates depending on the prices in the international markets. Last year it was around $1 trillion when the prices were high,” Dönmez said.

“We will drill a third well in the Amasra region for natural gas. We are planning to produce natural gas in the Black Sea for 25 to 30 years, depending on the reserves,” he added.

He also said that 44 percent of power generation came from renewables last year, while the share of coal was 14 percent. “That means we met around 57 percent to 58 percent of our needs by domestic resources.”

Dönmez reiterated that all four reactors at the Akkuyu Nuclear Power Plant will become operational in 2028, noting that the power plant will meet 10 percent of Türkiye’s electricity consumption.

The power plant will save Türkiye annually 7 billion cubic meters of imported natural gas, according to the minister.

“There is no other project in the world where construction works for four reactors are taking place at the same time,” he said.