Erdogan says Turkey discovers new Black Sea natural gas reserves

Turkey made a significant new natural gas discovery while exploring the Black Sea. The field's estimated reserves are 75 billion cubic meters, as announced on Saturday by President Recep Tayyip Erdogan. He also added that the discovery will make it possible to meet the country's demand for the fuel for 3.5 years. Reuters reported that the discovery, made at a depth of 3,500 meters, has an economic potential of about $30 billion.

Currently, Turkey imports more than 90% of the energy it needs. However, the country has recently sought to reduce import costs and ensure a stable supply via domestic resource development and establishing international cooperation in oil and gas exploration. Previously, the large offshore Sakarya field started production of 9.5 million cubic meters of gas daily, according to Reuters.

The news agency's experts note that full-scale gas production at the new field will take time and substantial investment to construct the necessary infrastructure.