Oil And Gas Projects 2017
- Cost: $15.1 billion (estimated)
- Timeframe: 2017 – 2019 (first phase)
- Location: Russia – Turkey
After years of development and political interference, Russia and Turkey have finally agreed to put their differences aside and push ahead with the TurkSteam pipeline project.
Relationships between the two countries have hit various lows over the last few years especially with the downing of a Russian plane which is alleged to invaded Turkish airspace.
Both countries have had issues with each other, the downing of the plane, then Russia claiming Turkey was dealing with even terrorists for oil revenue.
However, these issues seem to have been put to one side as the decision to move forward was finally reached at 2016’s Globe Energy Conference (WEC) in Istanbul. As part of the agreed deal, Turkey will receive a substantial discount on it’s gas prices from Russia.
It is estimated that around 900 kilometres of new pipeline will be laid and travel beneath the black sea, with linking Russia to Mainland Europe via Turkey.
The pipeline will be made up of 32 inch pipe which is in 12m sections, when it reaches shore it will connect to hundreds of kilometers of onshore pipes which will give Russia the capability of supplying Europe.
The old South Stream project now called TurkStream has been in the planning stages since 2014. It is expected that once functional, the TurkStream project will supply in the region of 31.5 billion cubic metres of natural gas annually to Turkey and Europe.
Gazprom expects total costs on the project to reach around $15 billion dollars. Click next below to see the latest live projects from BP & Total.