Turkey Gas Reserves in Black Sea Estimated Value $ 65 Billion

  • Turkey Minister: 'We will perform seismic research and drilling by ourselves.'
  • 'The operation will be completely handled by Turkish Petroleum Corporation (TPAO),”
  • Erdogan said: “There will be no stopping until we become a net exporter in energy.”

Turkey has estimated the gas reserves found in the Black Sea at about $ 65 billion. This was stated by the Minister of Energy and Natural Resources of Turkey Fatih Dönmez, reports Reuters. Experts clarify that the declared volumes of gas may be enough for the country for a short time. The country will use up 320 billion cubic meters in just six years on its own.

The Black Sea is a body of water and marginal sea of the Atlantic Ocean between Eastern Europe, the Caucasus, and Western Asia. It is supplied by a number of major rivers, including the Danube.

“Globally, gas prices are oil-indexed. We can say that the economic value of 320 billion cubic meters of natural gas reserves discovered in the Black Sea could reach $65 billion if we look at it from a perspective of gas prices over the last 3-5 years,” Donmez told public broadcaster TRT.

At the same time, experts clarify that the declared volumes of gas may be enough for the country for a short time. According to them, the country will use up 320 billion cubic meters in just six years.

“In the upcoming period, we will perform seismic research and drilling by ourselves. The operation will be completely handled by Turkish Petroleum Corporation (TPAO),” the minister said.

On August 20, it was reported that Turkey found new gas fields in the Black Sea, Bloombeg reported. Sources of the agency clarify that the exploration near the borders of Romania and Bulgaria was carried out by the drilling ship Fatih. In 2023, Turkey will start producing its gas from the found field.

“This reserve is actually part of a much bigger cache of resources. God willing, much more will come,” Erdoğan said. “There will be no stopping until we become a net exporter in energy.”

“We will remove the current account deficit from the agenda of our country,” Treasury and Finance Minister Berat Albayrak said, speaking from aboard the Fatih drillship.

Recep Tayyip Erdoğan is a Turkish politician serving as the 12th and current President of Turkey. He previously served as Prime Minister of Turkey from 2003 to 2014 and as Mayor of Istanbul from 1994

Officially, the data on the discovered deposits have not yet been confirmed, but Turkish President Recep Tayyip Erdogan recently announced that a new era is dawning in the country and promised to tell “very good news for the country.”

Despite the fact that the volume of gas is still unknown, analysts have already begun to make predictions for the future. If Turkey decides to export gas, Bulgaria, Ukraine, and Greece, for example, may be interested in it, says Christoph Merkel, managing director of the consulting company Merkel Energy.

The Turkish Stream gas pipeline runs along the bottom of the Black Sea. It was conceived to increase the share of Russian gas in the Turkish market and to reduce dependence on transit through Ukraine.

Turkey’s international investment position

Accordingly, compared to the end of last year by the end of June, Turkey’s foreign assets decreased 10.3 percent to 227.3 billion dollars its liabilities decreased by 4.7 percent to 568.9 billion dollars.

At the end of 2019, in the same period, the reserve assets item decreased by 18.3 percent to 86.3 billion dollars, while the other investments item decreased by 7.7 percent to 87.7 billion dollars.

Among the sub-items of other investments, banks’ currency and deposits in foreign currency and Turkish lira increased by 0.7 percent to $ 47.8 billion. Direct investments (equity and other investments) by market value foreign currency with the effect of the changes in exchange rates, it increased by 1.6 percent compared to the end of last year and reached 162.6 billion dollars.

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Benedict Kasigara

I have been working as a freelance editor/writer since 2006. My specialist subject is film and television having worked for over 10 years from 2005 during which time I was the editor of the BFI Film and Television.

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