Energy Turkey to start pumping Black Sea gas from April 20 By Pramod Kumar April 9, 2023, 7:20 AM Unsplash.com GIC completed the acquisition of a minority stake in Pipecare Group Holding on November 15 Turkey will begin pumping the natural gas discovered in the Black Sea into the national grid on April 20, President Tayyip Erdogan announced. In December 2022, the president announced the discovery of an additional 58 billion cubic metres (bcm) of natural gas reserves at the Caycuma 1 block in the Black Sea. The country’s natural gas reserves in the Black Sea are measured at 710 bcm, with a market value of $1 trillion, the Daily Sabah newspaper reported. In 2022, Ankara drilled 94 exploration wells and 56 production wells. In 2023, the government announced plans to have 207 wells with 134 exploration and 73 production centres. About 10 million cubic metres (mcm) of Black Sea gas per day are likely to be transferred in the initial phase. The government is building the infrastructure to enable a peak transfer at 40 mcm through 2026. At present, Turkey imports all its energy needs and has extensive gas and liquefied natural gas import infrastructure. The country’s annual gas consumption rose from 48 bcm in 2020 to 60 bcm in 2021. Erdogan expected consumption to reach nearly 53.5 bcm last year. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
