Global Commodities & Geopolitical Trends on Areas & Producers
Global Commodities News: Turkey announced two major oil and gas discoveries in new offshore exploration frontier of the Black Sea
- Turkey’s President Recep Tayyip Erdogan first announced an initial discovery of 75 billion cubic metres of natural gas on May 17 in Istanbul.
- Valued at around $30 billion, this natural gas discovery was made at the country’s flagship Sakarya field in the Black Sea, which is critical to Turkey’s ambitions to become energy independent.
- Then, another shale oil discovery was announced in conjunction with oil and gas producer Continental Resources of about 6.1 billion barrels of shale oil in another basin of southeast Turkey. According to Alparslan Bayraktar, Turkish Energy and Natural Resources Minister: “I hope that this agreement, which opens a new era in oil exploration in Türkiye, will be beneficial for all parties.”
Although Turkey’s new oil and gas discoveries come from different exploration sources — one is a conventional natural gas reserve, while the other one is a byproduct of shale gas reserves — this…