Turkey’s state-owned oil and gas company Türkiye Petrolleri Anonim Ortaklığı (TPAO) is reportedly seeking partners to develop Sakarya gas field in the Black Sea.
Preliminary contact has been initiated by TPAO with several international oil firms to jointly develop the offshore field, which is estimated to cost around $3.2bn, Bloomberg reported.
In the event negotiations do not result in the formation of project ventures, the company could develop the project alone, the report added.
The company would ask its partners to ‘collaborate with our national industry and to boost employment’, TPAO CEO Melih Han Bilgin was reported as saying in televised remarks.
The project involves the production of gas from wells about 175km off Turkey’s Zonguldak coast.
As per estimates, the project has the potential to produce more than eight times the demand in the country as well as help Turkey end its reliance on imports, Bloomberg reported.
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The field was discovered by the firm in August following the drilling of the Tuna-1 well in the Sakarya Block in Western Black Sea.
The Turkish state-owned firm said that the discovered prospect potentially holds 11 trillion cubic feet of gas, which is equivalent to nearly two billion barrels of recoverable oil, based on data collected from the Tuna-1 well and geophysical studies.
The Sakarya Block (AR/TPO/KD/C26-C27-D26-D27) is fully owned by the company.
Owned by Turkey’s sovereign wealth fund, TPAO has partnerships with companies that include BP and State Oil Company of Azerbaijan for oil and gas projects in the Caspian Sea, Russia, Iraq and Afghanistan.