Turkey discovered 320 billion cubic meters of natural gas in Black Sea, says Erdoğan

Duvar English

Turkey discovered its biggest ever natural gas field containing 320 billion cubic meters of natural gas in the Tuna 1 well in the Black Sea, President Recep Tayyip Erdoğan said on Aug. 21.

Turkey said to discover 800 billion cubic meters of natural gas in Black Sea

The president said that Turkey aims to bring this natural gas find to use in 2023 and there is a strong possibility of other finds in the area.

"Now I want to share our good news with you: Turkey has realized the biggest natural gas finding of its history in the Black Sea," Erdoğan said.

The Fatih drill ship began work late last month in the Tuna-1 zone, about 100 nautical miles north of the Turkish coast in the western Black Sea. All tests and engineering work has been completed, Erdoğan said.

"This reserve is actually part of a much bigger source. God willing, much more will come. As a country that depended on the outside for gas for years, we look to the future with more security now," he said. "There will be no stopping until we become a net exporter in energy."

Speculation about Erdoğan's good news should be ignored, presidential aide says

Duvar columnist and economist Uğur Gürses has commented on Erdoğan's announcement, saying that this new natural gas discovery is not such a considerable amount that it will help Turkey tackle its current account deficit.

He said that this discovery would bring in the country a total of 32-35 billion dollars (considering that 1,000 cubic meters of natural gas costs about $1,000), whereas Turkey's energy bill is about 35-50 billion dollars alone in one year.

Gürses interpreted the announcement as the government's attempt to boost the dwindling trust in the government and to hide the current economic crisis.

Erdoğan's announcement came after he earlier in the week promised to deliver "good news" on Aug. 21 that will herald a “new period” for Turkey.

Turkey said to find energy in Black Sea as Erdoğan promises to deliver 'good news'

Shortly after Erdoğan's remarks on Aug. 19, Bloomberg reported that Turkey has made an energy discovery in the Black Sea, basing its report on two people with direct knowledge of the matter. Upon the release of this report, Turkey’s Presidential Communications Director Fahrettin Altun urged people to “ignore speculations” about what Erdoğan will announce.

On Aug. 20, new information came out to light as two Turkish officials told Reuters that Turkey has found 800 billion cubic meters of natural gas in the Black Sea. Although the natural gas discovery really turned out to be the "good news," Erdoğan clarified the speculations about the volume of the discovery saying that it amounted to 320 billion cubic meters.

Turkey 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.

Erdoğan said Turkey will accelerate operations in the Mediterranean.