The expert assessed the gas reserves of the Turkish field in the Black Sea

A field with 320 billion cubic meters of gas reserves will not in practice save Turkey from the need to import energy resources.

Earlier this day Turkish President Recep Tayyip Erdogan said that Turkish drilling ship Fatih discovered a new major gas field in the Black Sea with estimated reserves of 320 billion cubic meters.

“Such gas fields usually produce no more than 10 billion cubic meters of gas per year. But in 2017 Turkey used 51.6 billion cubic meters of gas, in 2018 – 47.3 billion, in 2019 – less than 40 billion,” Russian expert Igor Yushkov said.

Moreover, the Black Sea is deep-water, and the field development is unlikely to be profitable for Turkish companies. Nevertheless, the authorities will most likely decide on the production of gas, providing benefits to companies, the expert believes.

In his opinion, this will strengthen Turkey’s energy independence from the most important gas suppliers – Russia and Iran, with which Ankara has tense relations.

“This year Gazprom is finishing several contracts with Turkish gas companies, including the largest state-owned Botas. The discovered field may become an additional argument in favor of a gas discount for Turkey,” the analyst said.

At the same time, Igor Yushkov drew attention to the fact that the volume of gas reserves in the new field is yet to be confirmed.