Turkey has discovered 75 billion cubic metres of natural gas in the Black Sea, a reserve that is estimated to be worth $30 billion U.S.
Turkish President Recep Tayyip Erdogan said: “With this discovery, we will meet the natural gas needs of homes in Turkey for 3.5 years.”
The natural gas was discovered in the Goktepe-3 well at a depth of 3,500 metres within the Black Sea.
Turkey’s daily natural gas production at its existing Sakarya field in the Black Sea has reached 9.5 million cubic metres as the country strives for greater energy independence.
Currently, Turkey imports more than 90% of its energy, something the government has pledged to change.
President Erdogan has promised to cut Turkey’s import bills and boost energy supplies by developing domestic resources and expanding partnerships with oil and natural gas companies.
The new reserve could be a boon for oil and gas majors such as Chevron (CVX) and Shell (SHEL) if they can get contracts to help the country develop and extract the resource.
Brent crude oil, the international standard, is currently trading at $65.40 U.S. per barrel.