The Turkish President announces the discovery of huge natural gas reserves in the Black Sea

Turkish President Recep Tayyip Erdoğan announced on Saturday the discovery of a new natural gas reserve estimated at 75 billion cubic meters in the Goktepe-3 well in the Black Sea, located at a depth of 3,500 meters.

Erdoğan noted that the economic value of this discovery amounts to approximately $30 billion.

“With this discovery, we will be able to meet the natural gas needs of Turkish households for three and a half years,” Erdogan said during an event in Istanbul.

This announcement comes after the launch of a new exploration campaign in the Black Sea in May 2024, with the Turkish drilling ship Fatih beginning operations at the Goktepe-2 well in the Sakarya field, one of the country’s most important gas fields.

On May 23, 2024, Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, announced the start of drilling operations, saying, “We’re setting sail for new discoveries in the Black Sea”.

This discovery is part of a broader strategy pursued by Ankara to enhance its energy security and reduce its energy import bill, which accounts for more than 90% of its needs.

Official data indicates that daily natural gas production from the Sakarya field, discovered in 2020, has reached approximately 9.5 million cubic meters, at a time when Türkiye is expanding its international oil and gas partnerships while developing its domestic resources.

These steps are part of a broader strategy through which Ankara is working to strengthen its international energy partnerships, particularly in joint exploration in the Eastern Mediterranean and the Black Sea, in addition to developing its infrastructure for transporting and storing natural gas.