Insight
Turkish delight at giant deepwater Black Sea gas discovery
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The world-class Sakarya gas discovery is Turkey’s largest-ever find, and one of the biggest global discoveries of 2020. It reshapes Turkey’s energy outlook and reaffirms the Black Sea’s deepwater potential. Located in 2,115 metres of water, the field’s Miocene-Pliocene sands are analogous with ExxonMobil’s nearby Neptun Deep project in Romania. In Turkey, energy is highly politicised. Its annual import bill is a huge economic burden, so the political will to develop this field will be immense. But Turkey’s offshore sector is immature and the path to commercialisation will not be straightforward.
Table of contents
- Executive summary
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The biggest-ever discovery in Turkey and the entire Black Sea
- A reset for Turkey’s energy outlook and chronic import reliance
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Turkey offers an attractive upstream investment environment
- Sakarya will be a national priority project
- But an immature offshore industry and a lack of experience pose risks
- TPAO's timeline looks very ambitious
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New gas supply would transform Turkey’s import-reliant market
- More than 40 bcm per year of imports are up for renegotiation in the 2020s
- Turkey will not become a gas exporter, but infrastructure dynamics will shift
- The Turkish energy market could look very different in 10 years
- Black Sea exploration just got a much-needed boost
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What next?
- Potential upside at Tuna-1 and the wider area
- Deepwater contractors should have their eyes on a fast-track subsea development
Tables and charts
This report includes the following images and tables:
- Giant Sakarya discovery in the Black Sea
- Top 10 global discoveries of 2020 so far
- Top 10 Black Sea discoveries to date
- Turkey gas demand and import contracts (annual contract quantity, ACQ)
- Turkey gas import infrastructure capacity
What's included
This report contains:
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