Turkey Finds Significant Gas Resources in the Black Sea

Turkey has found significant gas resources in the Black Sea, two Turkish sources said, a discovery which could help the country cut its dependence on energy imports if the gas can be commercially extracted, Reuters reports.

The British agency writes that President Tayyip Erdogan told energy executives on Wednesday he will announce “good news” on Friday that will herald a “new period” for Turkey - comments which drove up shares in Turkish energy firms and lifted the lira from this week’s record low.

He gave no details but the sources said he was referring to a gas discovery in the Black Sea, and one source said the scale of the reserves could potentially meet Turkey’s energy needs for 20 years.

Turkey’s drilling ship Fatih has been operating since late July in an exploration zone known as Tuna-1, about 100 nautical miles north of the Turkish coast in the western Black Sea, Reuters adds.

– There is a natural gas finding in the Tuna 1 well. The expected reserve is 26 trillion cubic feet or 800 billion cubic meters, and it meets approximately 20 years of Turkey’s needs – the source said.

Reuters adds that he did, however, caution that it could take seven to 10 years to start production, and estimated investment costs at between USD 2 billion and USD 3 billion.

Officials, including Energy Minister Fatih Donmez, have given no details of Friday’s announcement, saying Erdogan will spell out the “surprise” himself.

Turkey, which is almost completely reliant on imports to meet its energy needs, has been exploring for hydrocarbons in the Black Sea and in the Mediterranean - where its survey operations in disputed waters have drawn protests from Greece and Cyprus.

gas resources

gas in the Black Sea

Recep Tayyip Erdogan

Fatih drilling ship

Fatih Donmez

Black Sea