Turkey uncovers its largest-ever Natural Gas deposit in the Black Sea

Recep Tayyip Erdogan, the President of Turkey, has announced the discovery of a 320 billion cubic meters large natural gas field in the Black Sea. “Turkey made the biggest discovery of natural gas in its history in the Black Sea,” said Erdogan at Istanbul’s Dolmabahce Palace.

Reports suggest that the field could meet Turkey’s energy demands for two decades. This may help the nation reduce its dependence on other countries for energy, particularly Russia.

The discovery is relatively smaller than the nearby fields. Egypt’s Zohr field is supposed to hold about 850 billion cubic meters of natural gas.

Production of the gas

“The question now is how much of this gas is recoverable. This is not clear yet. What the market really wants to know also is how much they can produce per year, but I don’t think they are in the position to say that yet,” said Jonathan Lamb, a senior oil and gas analyst.

The country is working on extracting oil by 2023. Some analysts fear that production may take several years and billions of dollars. Even so, Erdogan mentions, “My Lord has opened the door to unprecedented wealth for us.”

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Past disputes of Turkey

The recent discovery has come up amidst the dispute of oil explorations in the eastern Mediterranean between Greece and Turkey. Germany and France have deployed forces in the threat of violence erupting in the disputed region.

“We are going to speed up our operations in the Mediterranean with the deployment by the end of the year of the Kanuni (drilling ship), which is currently in maintenance,” said Erdogan despite the increasing tensions.

Erdogan also mentions, “We are determined to solve our energy issue. We will not stop until we become a net exporter of energy.”

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Source: Forbes

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