Erdogan announces new gas reserves found in the Black Sea

Additional natural gas reserves were found in the recently discovered field in the Black Sea with total proved reserves of 405 billion cubic meters. This was stated by Turkish President Recep Tayyip Erdogan during a visit to the Fatih research vessel.

“Our vessel continued its work after the discovery of the first gas field. Another 85 billion cubic meters of gas were discovered during new explorations,” he said during a speech broadcast on Twitter by the Turkish leader.

According to Erdogan, the Turkish authorities’ goal is to start gas production from this field in 2023.

In August, a Turkish drilling ship Fatih discovered natural gas fields in the Black Sea. The discovery was made in Tuna 1 zone at the intersection of Bulgarian and Romanian sea borders and inland waters of Turkey. Ankara then estimated the discovered gas reserves at about $65 billion.

In case the country decides to export gas from these fields, Ukraine, Bulgaria and Greece may be interested in purchasing it, experts believe.

In late August, the head of the Ministry of Finance of the Republic of Berat Albayrak said that the gas field discovered in the Black Sea will give Turkey the opportunity to buy gas from abroad cheaper, giving it a price advantage of 30%.