Erdogan: Turkey has found 405 BCM worth of gas in Black Sea

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Turkey’s President Erdogan says Turkey has discovered an additional 85 billion cubic metres of natural gas in Sakarya field off Black Sea coast, in addition to previous 320 billion cubic metres.

Turkey's President Recep Tayyip Erdogan and his Vice President Fuat Oktay, Treasury and Finance Minister Berat Albayrak, Presidential Communications President Fahrettin Altun, Presidential Spokesman on board drill ship Faith in Black Sea, October 17, 2020.
Turkey’s President Recep Tayyip Erdogan and his Vice President Fuat Oktay, Treasury and Finance Minister Berat Albayrak, Presidential Communications President Fahrettin Altun, Presidential Spokesman on board drill ship Faith in Black Sea, October 17, 2020. (AA)

Turkish President Tayyip Erdogan has raised the estimated reserves in a gas field off its Black Sea coast to 405 billion cubic metres after finding an additional 85 billion cubic metres.

Turkey’s president boarded the drillship Fatih on Saturday, where he officially announced details of the new discovery of natural gas reserves.

“Total amount of natural gas reserves in the TUNA-1 well in Sakarya Gas Field reached 405 billion cubic metres,” Erdogan said after his inspections on board.

“The reserves we discovered in the Black Sea are the largest hydrocarbon resource of our country till today,” he added.

Erdogan had previously announced in August that the field contained 320 billion cubic metres of gas.

READ MORE: Why Turkey’s gas find is a game changer

READ MORE: Erdogan: New gas reserves found in Black Sea

Turkey discovers 320 billion cubic metres of gas in the Black Sea.
Turkey discovers 320 billion cubic metres of gas in the Black Sea. (TRTWorld)

More “good news”

Erdogan spoke to the parliamentary group of his governing Justice and Development Party on Wednesday,  announcing the discovery of new natural gas reserves in the Black Sea.

The president said more “good news” is anticipated from ongoing activities in the region by Fatih, which found the initial 320 billion cubic metres of gas reserves on July 20.

“By going to our drill ship Fatih on Saturday, we’ll both personally witness the efforts on site and announce the amount of the new reserve,” he said.

The Fatih discovered the new exploration zone, known as the Tuna-1 well, in the Sakarya gas field around 170 kilometres off Turkey’s northern coast.

READ MORE: Turkey finds natural gas reserve of 320 billion cubic metres off Black Sea

Impact on economy

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 Greek-administered Cyprus.

Last year, Turkey spent $41 billion on energy imports. The payments it makes to buy gas from other countries such as Russia and Azerbaijan have been a drag on its currency for years.

The lira strengthened on Wednesday after Erdogan’s announcement of the discovery of more gas reserves expected, as traders anticipated a positive impact.

Officials have said the gas from the Tuna-1 well would be ready for public use in 2023.

However, analysts say Turkey could face extra infrastructure costs in breaking into the market.

READ MORE: The state of Turkey’s gas market and reducing foreign dependency

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