TPAO building in Ankara. Credit: MirkoS18 / Wikipedia.org.

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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.