SOCAR ready to help Turkey in developing Black Sea reserves

Oil Materials 25 June 2021 11:55
Baku, Azerbaijan Trend News Agency Leman Zeynalova
SOCAR ready to help Turkey in developing Black Sea reserves

As a group specialized in oil and natural gas, SOCAR Turkey is ready to support Turkey in the development of its Black Sea reserves if requested, Trend quoted SOCAR Turkey’s CEO Zaur Gahramanov as saying.

“SOCAR is happy to share its knowledge and experience with Turkey with its long years of natural gas distribution experience in Azerbaijan and Georgia,” he told Turkish media.

Turkey’s president announced on June 5 that a 135 billion cubic meter natural (bcm) gas reserve has been discovered in the Black Sea.

Carlos Torres Diaz, Vice President, Head of Gas and Power Market Research at Rystad Energy earlier told Trend that Turkey’s new Black Sea gas find will move it towards energy self-sufficiency.

“The recoverable volumes or the reservoir deliverability is yet to be proven. Nevertheless, if proven in combination to the additional resource from future discoveries will not only trigger significant investments in Turkey’s gas sector but will also help meet Turkey’s increasing demand for natural gas. Turkey is, for all intents and purposes, entirely reliant on imports at present to meet its natural gas demand, as domestic production represents only about 1 percent of domestic demand,” said Diaz.

However, the expert noted that the timing of the find could have not been planned much better as nearly 40 percent of Turkey’s contracted import volumes – representing 24 Bcm out of the 59 Bcm per annum total – are set to expire by the end of 2021.