President Recep Tayyip Erdogan announced on Friday that Turkey had discovered in the Black Sea “the largest” natural gas deposit “in its history”, adding that his country would intensify its research in the eastern Mediterranean despite the tensions.
This announcement comes as Turkey has for several years been stepping up its efforts to establish itself as a major energy player in the region and reduce its dependence on hydrocarbon imports which plague its fragile economy.
Reserves unveiled on Friday will not be enough to make Turkey a major exporter, but they could encourage Ankara to continue its research maritime routes that have caused friction with neighboring countries in the Mediterranean.
Historical significance
“Turkey made the biggest discovery of natural gas in its history in the Black Sea”, RT Erdogan said during a speech in Istanbul, adding that these reserves were estimated at 320 billion cubic meters.
The Turkish head of state assured that this discovery was of “historical significance for the future” Turkey, which depends almost exclusively on imports, especially from Russia, to satisfy its growing appetite for energy.
“God has opened a door for us to unseen riches,” he enthusiastically said. “Our goal is to put Black Sea gas at the service of our nation by 2023”, year of the centenary of the Turkish Republic, he continued.
Importance to put into perspective
Turkey consumes between 45 and 50 billion cubic meters of natural gas, almost entirely imported. This represents around 11 billion euros, according to the energy market regulatory authority (EPDK).
The discovery announced on Friday “not bad at all, but that doesn’t change the game either”, put in perspective on Twitter Ozgur Unluhisarcikli, director of the Ankara office of the American institute German Marshall Fund.
“Although relatively small compared to other natural gas fields in the world, this one will help Turkey to reduce its energy bill”, underlined the firm Capital Economics in a note.
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