Turkey’s Black Sea Gas Find is Over 1 Trillion Cubic Meter: Government Source

[Cabatli_TR]

Turkey’s Black Sea natural gas discovery is over 1 trillion cubic meter and president Recep Tayyip Erdogan plans to announce it gradually a presidential source whom asked not to be named told Straturka.

Turkish government last month announced that it discovered 320 billion cubic meter natural gas off western Black Sea cost. Reuters had reported earlier that the find is 800 billion Cubic meter which had already indicated a larger reserved. Turkish Energy Ministry also stated after president Erdogan broke the much-anticipated news to the public that there are three more layers under the currents gas bed which could hold more resource. Several Ankara-based circles closed to the government have been talking about substantial amount of confirmed discovery not being announced “for now.” President Erdogan has also been repeatedly saying that more good news will be announced soon.

A presidential source exclusively told Straturka that Turkish state petroleum company has actually discovered natural gas over 1 trillion cubic meter but the government’s decision not to reveal the whole reserve at once is political. “If the government announced the whole find at once, its momentum would disappear in a couple of weeks of time. The government certainly does not want that. By announcing the reserve step by step, it plans to keep the vibe, excitement level high as the country needs repeated financial momentum,” the source said. According to the source, the larger part could even be kept a couple of years until before the presidential elections.

An-Ankara based economist Murat Yazgan also said about the claim that it sounds logical financially as well. “More and more news that would financially benefit Turkey and curb Turkey’s long-standing trade deficit issue would keep the attention of foreign investors over Turkey,” Yazgan said.

A recent report revealed that Turkey’s currently announced gas find could save the country up to 21 billion dollars worth of import in the future. The number is estimated over the announced 320 billion cubic meter find. If the prediction adjusted to the claimed 1 trillion cubic meter, Turkey may turn into a net energy exporter country in decade of time.

Turkey’s current account deficit has been causing further depreciation of Lira which has been hovering around the historic low 7,50 per dollar. Economists say as soon as the development of Tuna-1 location starts, investors would start buying the future of Lira which would bring some stability and appreciation of the Lira. “Considering all the future scenarios, Turkish Lira is one of the best long options,” economist Yazgan said.

Turkey’s Black Sea Gas Find is Over 1 Trillion Cubic Meter: Government Source - Straturka

Turkey’s Black Sea natural gas discovery is over 1 trillion cubic meter and president Recep Tayyip Erdogan plans to announce it gradually a presidential source whom asked not to be named told Straturka. Turkish government last month announced that it discovered 320 billion cubic meter natural...

www.straturka.com

 

[Saithan]

I think it's a strategic game where our claim on our EEZ in mediterranean keeps other nations from shutting us out. We enforce our right with gunboat diplomacy, while in the black sea where EEZ has been carved out is our "carrot" so to speak to alleviate the pressure on our Economy.

I believe it's a sound strategy, and we should heighten the pressure on Greece, and crush their megalomania dreams.

I think it is even more important to have institutions that handle this without allowing politicians to give up on our claims. Because of gpolitical incompetence.

Baudeg should be reinforced with more competent ppl to support Yayci.

 

[Destan]

Then compare Turkiye with resources like this going into the future, RnD boom, etc.
May god be with us, the Turkish nation!

 

[Zafer]

Then compare Turkiye with resources like this going into the future, RnD boom, etc.
May god be with us, the Turkish nation!

Deceased Turgut Özal once said "Good thing we don't find oil and gas before we know how to exploit them". His words meant to say that it wouldn't be us who gets the most out of it if we found hydrocarbons but foreigners. And now we have gathered our strenght to find and exploit our resources by ourselves, potentially keeping every bit of income to ourselves.

 

[Destan]

Deceased Turgut Özal once said "Good thing we don't find oil and gas before we know how to exploit them". His words meant to say that it wouldn't be us who gets the most out of it if we found hydrocarbons but foreigners. And now we have gathered our strenght to find and exploit our resources by ourselves, potentially keeping every bit of income to ourselves.

That's right bro. Look at the situation for these arab oil and gas countries (even not at the sea) where big foreign companies and countries making big profits and dictate internal affairs, politics and chit.

 

[Saithan]

That's right bro. Look at the situation for these arab oil and gas countries (even not at the sea) where big foreign companies and countries making big profits and dictate internal affairs, politics and chit.

We don't have any experience with oil platforms on open sea, so it's given that we'll have to acquire this knowledge at a cost. I am not sure that we can get much help in this. Qatar and Indonesia might be the only two nations that can help us in that regard.

Once we manage to get into this field and gain experience we can utilize it for building windmills on open sea (like Denmark), and we will be able to offer much better terms to other nations in developing their energy fields.

 

[Glass🚬]

Thats dozens of billions we will safe in the long term, dont fuck this up.

 

[Zafer]

I wouldn't call the work done so far a "fak up" so I expect the remaining work to be a "keep up".

 

[Zafer]

We didn't have any drilling means just a couple years ago and now we have 3 and possibly four of the world's 16 drilling ships at out hands. I would expect a similar performance in extraction work as well. The point is making it reasonably quick and reasonably enough with domestic means.

 

[Luwian]

happy about the benefit of having these reserves however I believe the renewable energy is what will decide the future.

 

[triangle]

We didn't have any drilling means just a couple years ago and now we have 3 and possibly four of the world's 16 drilling ships at out hands. I would expect a similar performance in extraction work as well. The point is making it reasonably quick and reasonably enough with domestic means.

It seems Turkey is really adamant about securing future energy resources and rightfully so. Even if the gas is just is used for internal consumption, Turkey would be able to save billions $ per year and reducing the cost of production and transportation in general. This cost saving could be used for other means. Turkey spends $10 billion on gas per year with ~50 billion m3 gas consumption. This discovery has the potential to fuel Turkeys gas needs for almost 20 years and save up to $200 billion dollars.

Energy import bill down more than 4 percent - Latest News

Turkey’s energy import bill declined by 4.2 percent from 2018 to stand at $41.18 billion in 2019, state-run Anadolu Agency calculated from Turkish Statistics Institute (TÜİK) data.

www.hurriyetdailynews.com

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[Zafer]

happy about the benefit of having these reserves however I believe the renewable energy is what will decide the future.

There is a limit to how many wind mills you can plant and how many dams you can build and harvest what nature has to offer. You need to somehow top off what you can get by such means.

 

[Zafer]

It seems Turkey is really adamant about securing future energy resources and rightfully so. Even if the gas is just is used for internal consumption, Turkey would be able to save billions $ per year and reducing the cost of production and transportation in general. This cost saving could be used for other means. Turkey spends $10 billion on gas per year with ~50 billion m3 gas consumption. This discovery has the potential to fuel Turkeys gas needs for almost 20 years and save up to $200 billion dollars.

Energy import bill down more than 4 percent - Latest News

Turkey’s energy import bill declined by 4.2 percent from 2018 to stand at $41.18 billion in 2019, state-run Anadolu Agency calculated from Turkish Statistics Institute (TÜİK) data.

www.hurriyetdailynews.com

.

We are hoping for more.

 

[Destan]

We are are hoping for more.

Yeah, we are just at the beginning of this game and sure we will find new fields in the Black sea and in the Med.
Hope it will be some really big reserves.

 

[CAN_TR]

Turkey has the Industry, the workforce, other ressources and now our energy problem seems to be solved... if used smart our countries future is bright.

Let's hope bribery doesn't fuck this up.

 

[Saithan]

I think it is important to remember how lazy a nation can become from over dependance on gas and oil.

A solid investment on renewable energy, smart grid ( haven’t heard anything of it for several years), solar panel law on all new constructions ( all rooftops must have solar panels, max amount thought into the building process). Rework them back into grid. We could save a lot of money. Or at least keep the cost fixed at a decent level to solidify he economy.

windmills on open water like Denmark is also good.

As you may have noticed in the last few days, it seems we’re not making all construction materials ourselves. That’s f.cked up, especially considering the build build build driven economy we have been using for he past 15+ years.

 

[Ronin]

At the first announcement there were rumours that there are 1 trillion cubic meters but Erdoğan announced just 320 billion. I was disappointed and didn't understand why he didn't reveal the whole finding. There was no impact to the markets.
Now I understand his strategy and it's a good one. To reveal it step by step there will be a flow of good news over time. This will lead to a constant impact to the markets. And the economy and the lira need good news.

Hopefully there will be more findings! If it's managed professionally (no corruption) it could lead to a golden era.

 

[Zafer]

At the first announcement there were rumours that there are 1 trillion cubic meters but Erdoğan announced just 320 billion. I was disappointed and didn't understand why he didn't reveal the whole finding. There was no impact to the markets.
Now I understand his strategy and it's a good one. To reveal it step by step there will be a flow of good news over time. This will lead to a constant impact to the markets. And the economy and the lira need good news.

Hopefully there will be more findings! If it's managed professionally (no corruption) it could lead to a golden era.

Several people have stated their idea that Erdoğan has downplayed the game and presented the gas find with a smaller number. And also let the news out piece by piece to keep the hype going. However the simple fact that he presents the facts as it is out there before our eyes. He revealed the initial proven find and he will present the following new finds as they are made and not before they are verified. He acted upon facts and not mere estimations which could turn out to be way off. As simple as that.

 

[what]

I really hope they dont fuck this up, I hope the profit flows into an investment vehicle like the TWF and is invested in strategic areas: renewables, maybe ressources, R&D and strategic company acquisitions. Reuters initially reported 800bln cubic meters, which would make sense that politicians want to use it for their own good a couple times instead of just one big bang news.

 

[Saithan]

I really hope they dont fuck this up, I hope the profit flows into an investment vehicle like the TWF and is invested in strategic areas: renewables, maybe ressources, R&D and strategic company acquisitions. Reuters initially reported 800bln cubic meters, which would make sense that politicians want to use it for their own good a couple times instead of just one big bang news.

I think I’ve read several times that anything that ends up in TWF is pretty much hollowed out and emptied for value or is a troubled company.