Black Sea
Hydrocarbon exploration

In the 1980s, the Soviet Union started offshore drilling for petroleum in the sea's western portion (adjoining Ukraine 's coast). Independent Ukraine continued and intensified that effort within its exclusive economic zone, inviting major international oil companies for exploration. Discovery of the new, massive oilfields in the area stimulated an influx of foreign investments. It also provoked a short-term peaceful territorial dispute with Romania which was resolved in 2011 by an international court redefining the exclusive economic zones between the two countries.

The Black Sea contains oil and natural gas resources but exploration in the sea is incomplete. As of 2017, 20 wells are in place. Throughout much of its existence, the Black Sea has had significant oil and gas-forming potential because of significant inflows of sediment and nutrient-rich waters. However, this varies geographically. For example, prospects are poorer off the coast of Bulgaria because of the large influx of sediment from the Danube which obscured sunlight and diluted organic-rich sediments. Many of the discoveries to date have taken place offshore of Romania in the Western Black Sea and only a few discoveries have been made in the Eastern Black Sea.

During the Eocene, the Paratethys Sea was partially isolated and sea levels fell. During this time sand shed off the rising Balkanide, Pontide and Caucasus mountains trapped organic material in the Maykop Suite of rocks through the Oligocene and early Miocene. Natural gas appears in rocks deposited in the Miocene and Pliocene by the paleo-Dnieper and paleo-Dniester rivers, or in deep-water Oligocene-age rocks. Serious exploration began in 1999 with two deep-water wells, Limanköy-1 and Limanköy-2, drilled in Turkish waters. Next, the HPX (Hopa)-1 deepwater well targeted late Miocene sandstone units in Achara-Trialet fold belt (also known as the Gurian fold belt) along the Georgia-Turkey maritime border. Although geologists inferred that these rocks might have hydrocarbons that migrated from the Maykop Suite, the well was unsuccessful. No more drilling happened for five years after the HPX-1 well. In 2010, Sinop-1 targeted carbonate reservoirs potentially charged from the nearby Maykop Suite on the Andrusov Ridge, but the well-struck only Cretaceous volcanic rocks. Yassihöyük-1 encountered similar problems.

Other Turkish wells, Sürmene-1 and Sile-1 drilled in the Eastern Black Sea in 2011 and 2015 respectively tested four-way closures above Cretaceous volcanoes, with no results in either case. A different Turkish well, Kastamonu-1 drilled in 2011 did successfully find thermogenic gas in Pliocene and Miocene shale-cored anticlines in the Western Black Sea. A year later in 2012, Romania drilled Domino-1 which struck gas prompting the drilling of other wells in the Neptun Deep. In 2016, the Bulgarian well Polshkov-1 targeted Maykop Suite sandstones in the Polshkov High and Russia is in the process of drilling Jurassic carbonates on the Shatsky Ridge as of 2018.

In August 2020, Turkey found 320 billion cubic metres (11 trillion cubic feet) of natural gas in the biggest ever discovery in the Black Sea, and hoped to begin production in the Sakarya Gas Field by 2023. The sector is near where Romania has also found gas reserves.
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