Turkey Finds $30 Billion Natural Gas Reserve in Black Sea

ISTANBUL, Turkey — President Recep Tayyip Erdogan announced on Saturday that Turkey has discovered a new natural gas reserve in the Black Sea, valued at around $30 billion. This find, located in the Goktepe-3 well, contains an estimated 75 billion cubic meters of natural gas, enough to meet Turkey’s residential needs for approximately 3.5 years.

Erdogan made the announcement during an event in Istanbul. He emphasized that this discovery is a significant achievement in Turkey’s efforts to achieve energy independence, stating, “We will continue on our path without stopping, without resting, and without paying heed to criticism or obstacles until we reach our goal of a fully energy-independent Turkey.”

The reserve was located at a depth of 3,500 meters during active drilling operations by the Abdülhamid Han, one of Turkey’s advanced drilling ships. Currently, Turkey produces about 9.5 million cubic meters of gas daily from its Sakarya field, supporting approximately 4 million households.

Turkey currently imports over 90% of its energy needs, making its dependence on foreign sources a critical issue for its economy. The government is pushing to reduce this import reliance and improve energy security through the development of domestic resources and international partnerships in oil and gas exploration.

Officials indicated that the newly found gas reserves will be integrated into Turkey’s national pipeline system, ensuring gradual distribution within the existing energy framework. Experts believe this discovery will not only bolster Turkey’s energy security but also enhance its geopolitical position as it moves toward becoming an energy exporter.

The total confirmed gas reserves in the Black Sea have now increased to 785 billion cubic meters, raising optimism for Turkey’s energy future. As production ramps up, Turkey could significantly decrease its energy import expenditures while stabilizing domestic energy prices.