Natural Gas Reservoir Worth 65 Billion Dollar Was Found Under Black Sea

Recently, Turkey came into news as they have found a reservoir of Natural Gas in the Black. With this Turkey hits the jackpot and this reservoir is present at the Black Sea within its own territory. Also, there is tension among Turkey and Greece regarding the exploration of Natural Gas in the Mediterranean sea which has nothing to do with it. Since the reservoir is found in Turkey’s territory.

Since Turkey do not own the whole Black sea but there are other countries who can explore such as Russia, Ukraine, Romania, Bulgaria can explore in this region. Also, there is no chance of disputes among the countries.

Which Ship Was Used For The Exploration Of Natural Gas?

Fatih is the name of the ship which is the first oil and gas drilling vessel. The drilling starts on 20 July 2020 on a particular location and after a month of drilling in the location, an oil well was found. The location where Fatih stars the drilling known as Tuna-1 field. According to the President of Tukey Erdogan “This is the largest well in the History of Turkey“. It will give a huge economic boost to Turkey.

How Big Is The Well And Its Value?

According to the information given to the media by President Erdogan, the Faith ship starts drilling from July 2020. The amount of gas in the well is around 320 billion cubic metres. Through this, Turkey will become the Independent for a few years. This can be understood by taking the example of the consumption of gas in India. Around 19.87 billion cubic metres of gas import from other nations in 2017i-18. It means Turkey can supply fuel to India for about 16 years with this rate of consumption. The annual consumption of gas in Turkey is about 40 billion cubic meters. From Turkey perspective at this consumption rate, it will last for 8 years. The value of the gas worth around 65 billion dollars according to the current scenario.

There are some points which President Erdogan clarifies on this matter:

  • To extract the gas Turkey have to do a partnership with the multinational company in order to extract gas. The billions of dollars will be spent to make infrastructure and lay pipelines to transport the gas to the citizens.
  • The target to utilise this natural gas and made available to all the people in 2023.

How it will Effect Russia, Iran and Azerbaijan?

Basically, Turkey imports gas from these countries but now it will become independent for several years. Also, they do not need to import gas from these countries which will affect the countries to some extent. And it will also reduce the dependency on other countries. Although up to the years when Turkey starts to extract gas from the well the country will depend on the import of gas.

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