Proving its critics wrong, Turkish Petroleum develops country’s biggest offshore find in less than 3 years
In a remarkable feat, Türkiye has completed work on its Sakarya gas field in less than three years, with natural gas set to start flowing from the offshore wells in the Black Sea later this week. over the seriousness of the timeline announced by President Recep Tayyip Erdogan in August, 2020, when he declared that the project would be completed in 2023.
For instance, gas from Sakarya will be delivered to land via a 170 kilometre-long subsea pipeline and then through various compression plants. Industry people say that private offshore petroleum companies often get bogged down with paperwork, bureaucratic hurdles and sale-purchase agreements. So, as a government entity, TPAO was able to considerably reduce the time that goes into negotiating complex pricing structures and lengthy sale agreements.
For instance, in 2004, British Petroleum found some exploitable gas in a well called Ayazli-1 in the Black Sea, but abandoned further research and handed over the concession to TPAO. Dogan says consumption has generally increased over the years with the construction of new residential buildings and economic expansion.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Natural Gas Price Analysis: XNG/USD retreats towards $2.24 within immediate bearish channelNatural Gas Price Analysis: XNG/USD retreats towards $2.24 within immediate bearish channel Gas Technical Analysis Commodities SwingTrading ChartPatterns
Read more »
Natural Gas Futures: Scope for a near-term bounceConsidering advanced figures from CME Group for natural gas futures markets, open interest went up for the second session in a row on Friday, now by a
Read more »
Brazil's Petrobras to cut natural gas prices by 8.1%Brazilian state-run oil company Petrobras said on Monday it will cut natural gas prices by an average 8.1% starting May 1 when compared with the February-April quarter.
Read more »
Opinion: Plan to transition away from natural gas use in California prompts a debateSan Diego wants to slash 90% of natural gas from all buildings by 2035, but is this the right tactic?
Read more »
G7 statement reflects tensions over natural gasOne awkward, endless sentence in a new joint statement from the G7's energy ministers shows how natural gas sits uneasily at the intersection of resource security and climate policies.
Read more »