Natural gas discoveries are expected to allow Turkey to import cheaper gas and cut its average annual energy bill, which is about $ 44 billion.
President Recep Tayyip Erdogan announced the discovery of new natural gas fields in the Black Sea, where Turkey plans to start production in 2023.
State power company Tpao found 135 billion cubic meters of gas in the Amasra-1 offshore well, bringing the total amount of deposits discovered last year to 540 billion cubic meters, Erdogan said. in televised statements from the Black Sea coastal city, Zonguldak.
Authorities have not made available any independent audit of the total and recoverable gas in any of the findings in the so-called Sakarya field. Officials have said Tpao plans to develop the deposits on its own and will not need outside funding.
Turkey has intensified oil and gas exploration on its shores in recent years. Erdogan has presented the recent energy findings as a solution to some of Turkey’s long-term economic vulnerabilities, including the energy import bill to be paid in foreign currency.
Turkish explorers last year found 405 billion cubic meters of gas in the nearby Tuna-1 well in the Sakarya field, the largest discovery in the Black Sea.
Turkey currently imports almost every 50 billion cubic meters of gas it consumes annually. Officials expect domestic production to increase the nation’s gas demand by 60%, to 80 billion cubic meters per year by 2030.
The findings are also expected to allow Turkey to import cheaper gas and cut the average annual energy bill by about $ 44 billion.