Turkey announces significant revaluation of gas reserves in the Black Sea

After recent evaluation work, Turkey increased its estimate of natural gas reserves in the Black Sea by almost a third, Turkish President Recep Tayyip Erdogan announced. Gas reserves at the Sakarya field, the largest known in the Black Sea, turned out to be greater than expected. 

The country estimates that its offshore fields contain 710 billion cubic meters of gas, which is a significant increase. Turkey is trying to reduce the share of imports, on which almost all of the country's domestic consumption currently depends.

During the press conference, Erdogan added that Turkey will soon start drilling new wells.

In the first quarter of the coming year, gas will start flowing into the Turkish grid from the Sakarya field. Before the latest increase in reserves, the authorities expected that with the peak of production, almost a third of the country's domestic needs would be met by this field.

According to Turkey's plans, the annual gas output rate will be about 3.5 billion cubic meters in 2023. Over the next four years, the rate is expected to increase to 15 billion cubic meters per year.