Turkey banks on 75 bcm gas field to ease import bill

Ankara announces the discovery of a new Black Sea gas reserve worth $30bn as part of its strategy to boost public investment in the energy sector.

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Turkey has identified a new natural gas field with a volume of 75 billion cubic metres in the Black Sea, President Recep Tayyip Erdogan announced. The project is part of a state-driven investment strategy aimed at reducing dependency on energy imports.

Drilling operations were conducted at the Göktepe-3 well using the Abdulhamid Han vessel, a seventh-generation unit. The campaign began on March 27 and concluded on May 16. According to initial assessments shared by Turkish authorities, the commercial value of the extracted gas is estimated at $30bn.

Focus on national energy security

Turkey remains heavily reliant on energy imports, particularly natural gas from the Russian Federation, Iran and Azerbaijan. President Erdogan stated that this new discovery would help alleviate pressure on the country’s current account and support energy sovereignty.

“We will continue on our path without interruption or pause, and without heeding criticism or obstacles, until we achieve our goal of full energy independence for Turkey,” said the head of state.

A project funded through public financing

All drilling operations were overseen by Türkiye Petrolleri Anonim Ortaklığı (TPAO), the national oil company, with investments financed directly by the state. The initiative follows the development of the Sakarya gas field, discovered in 2020, which was initially estimated to contain 540 billion cubic metres.

In 2023, Turkey spent over $50bn on energy imports, according to data from the Ministry of Energy and Natural Resources. The government considers the development of national assets a priority to mitigate the effects of global market volatility.

Production outlook and technical capacity

The Abdulhamid Han vessel, the fourth drilling unit in the national fleet, is capable of operating at depths of up to 12,200 metres. No specific timeline for the production phase has been released, but authorities have indicated that extracted volumes will be allocated primarily for residential consumption.

No foreign industrial partnerships have been mentioned at this stage. The Göktepe-3 project is currently supported exclusively by public infrastructure and domestic technical expertise.

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