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Turkey announces the discovery of a historical gas in the Black Sea
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Economy News - Baghdad
Turkish President Recep Tayyip Erdogan said that his country has revealed its largest natural gas field at all, which contains 320 billion cubic meters (11.3 trillion cubic feet) in the Black Sea, and more will be found while the country is working on gas supplies as soon as possible. In 2023.
If the gas is commercially recoverable, the discovery could help Ankara reduce its current dependence on imports from countries such as Russia, Iran and Azerbaijan to meet a large amount of its energy needs.
"Turkey has made the largest natural gas discovery in its history in the Black Sea," he said in a speech that was highly expected, transmitted by television from an Ottoman palace in Istanbul. The floor was attached to the television with a video clip of a drilling ship in the western Black Sea.
The ship achieved detection about 100 nautical miles north of the Turkish coast.
"This reserve is actually part of a much larger resource. God willing, more will come. As a country that has been dependent on the outside for gas for years, we are looking to the future in a safer way now ... We will not stop until we become a net source of energy," he said.
Analysts said it was unclear whether the volume of 320 billion cubic meters announced referred to the total gas estimates or the quantities that could be extracted, but that in both cases is a big revelation.
"This is the largest discovery of Turkey at all by a large margin, and one of the largest discoveries in the world in 2020," said Toma Purdy of Wood Mackenzie Consulting.
Economic boost
Any reduction in Turkey's energy import bill, which amounted to $ 41 billion last year, will strengthen the government's financial conditions and help ease the chronic deficit in the current account balance, which contributed to pushing the lira to record low levels against the dollar.
"We will remove the current deficit in current transactions from our country's lexicon," Finance Minister Barat Albayrak said on board Fateh.
The lira has risen since Erdogan first told energy executives on Wednesday that he would announce "good news." But it decreased as details of the disclosure were announced and was down 0.6 percent by 1500 GMT.
Officials and analysts have warned that starting production from any gas discovery in the Black Sea could take up to ten years, and billions of dollars would need to be invested to build production and supply infrastructure.
But Sahaba Karbuz, director of oil and gas affairs at the Paris-based Mediterranean Energy Observatory, said Turkey might push ahead with investment decisions quickly.
"The process will go very quickly in terms of funding, time and procedures. There may be a need for help from foreign companies in technical terms, but I see 2023 as a reasonable target," said Carbose.
Energy Minister Fatih Donmez said that the gas discovery is located at a depth of 2,100 meters underwater, with drilling extending an additional 1,400 meters under the sea floor. "Our operations here have not ended. We will go to a depth of another thousand meters ... and the data are placed that it is possible to reach gas there as well," he said.
In a later interview with TRT News, Donmez said management of the gas field would be taken over by state-owned companies.
A Turkish source told Reuters on Thursday that the discovery contains expected reserves of 800 billion cubic meters.
In addition to the Black Sea, Turkey is drilling for oil and gas in the Mediterranean, and its surveys in disputed waters have received objections from Greece and Cyprus. Two warships from Greece and Turkey collided while tracking a Turkish survey ship there last week.
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