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Turkey enters gas producers' club with biggest domestic discovery

25-08-2020 | admin

Turkey entered the World Gas Producers Club, with its announcement last week, of a huge detection of natural gas in the waters of the Black Sea,

Amid hopes that the country will be able to detect additional reserves in the Mediterranean.

Remarks by Turkish President Recep Tayyip Erdogan at a press conference, Friday, indicated that the disclosure is the largest in Turkey's history to date,

With a total of 320 billion cubic meters, it opened the door to further discoveries in the region and turkey's entry into the Gas Producers Club.

The entry of the Turkish gas field on the production line is expected to have a significant impact on the country's imports of traditional energy sources,

Especially natural gas for power generation and the needs of factories and homes.

According to data from the Turkish Statistics Authority, the value of energy imports in the country during the past year is about $41 billion,

Distributed among different energy imports.

Reducing the figure after gas discoveries and the actual start of production would contribute to reducing any deficit in the country's trade balance,

It reduces foreign exchange in favour of exporting countries.

The discovered field, just over 40 percent larger than the largest field discovered in the Mediterranean,

It is the Egyptian "Dhahr" field, discovered in 2015.

As exploration continues in Bahrain's medium black and white waters, and the possibility of announcing another or more detection,

To increase the position of power in Turkish negotiations with gas suppliers from abroad, and to change the rules of the energy trade game.

This means that Turkey may reduce its dependence on energy imports, specifically liquefied gas from the Us market,

He was compensated for by domestic gas, along with contracts with Russia and Azerbaijan.

Turkey's recent success goes beyond the gas issue to Turkey's ability to manufacture exploration vessels and conduct seismic surveys locally,

After the failure of exploration operations led by ExxonMobil and BP in the same region.

Turkey's success in announcing new energy discoveries in the coming period means that it will strengthen its position as a regional energy hub,

Especially with pipelines to transport gas from Russia to Europe through its territory.

Turkey's average annual import of natural gas exceeds 31 billion cubic meters in 2019, while the annual consumption rate

of natural gas in 2019, approximately 43 billion cubic meters.

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With military protection, Ankara continues to explore and explore traditional sources of energy in the Mediterranean, in the protection of

for its rights in the face of the rejection coming from Greece and Turkey Cyprus.

Facts and figures

In 2019, global demand for natural gas increased by 1.5 percent compared to 2018, or 57.9 billion cubic meters,

To 3,986 billion cubic meters, up from 3,851 billion, according to data from the International Energy Agency.

At the OECD level, demand for natural gas rose by 1.9 percent in 2019,

This was an increase of 34.5 billion cubic meters from 2018, while growth was 1.1 percent, or 23.4 billion cubic meters.

In contrast, global imports reached 1.2 trillion cubic meters in 2019, with an increase of 55.5 billion cubic meters from

Natural gas compared to 2018.

China has strengthened its importance as an engine of global LNG dynamics alongside Japan and Korea, for the second year in a row,

China recorded the highest increase in LNG import volumes, up 11.8 billion cubic meters from 2018.

In terms of exports, Qatar and Australia remain the world's first LNG suppliers to oecd countries,

The United States is now the third largest exporter of LNG.

Natural gas is a mixture of gases, primarily methane;

Sedimentsludge called underground reservoirs.

Natural gas is the cleanest fossil fuel on Earth, because it produces carbon dioxide, water vapor and small amounts
of nitrogen oxides when burned.

Natural gas in its natural state, colorless and odorless, is commonly used in power generation in residential sectors
Commercial and industrial, such as heating and electricity generation.

Read also: Swedish Bank 'SEP': Gas Discovery Supports Turkish Lira

In 2019, the United States was the leading consumer of natural gas worldwide, reaching about 846.6 billion cubic meters in 2019.

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Source/A.A.