President Tayyip Erdogan said on Friday Turkey discovered its biggest ever natural gas field containing 320 billion cubic metres in the Black Sea, ...
Turkey's President Tayyip Erdogan addresses the nation in Istanbul, Turkey on Aug 21, 2020. ISTANBUL: Turkey announced its biggest ever natural gas discovery on Friday , a 320 billion cubic metre Black Sea field which President Tayyip Erdogan said was part of even bigger reserves and could come onstream as soon as 2023.
The Fatih drill ship began work late last month in the Tuna-1 zone, about 100 nautical miles north of the Turkish coast in the western Black Sea. Any reduction in Turkey's energy import bill, which stood at US$41 billion last year, would boost government finances and help ease a chronic current account deficit which has helped drive the lira to record lows against the dollar."I can say safely that with the economic and exploratory potential, we will remove the current account deficit from the agenda of our country," said Finance Minister Berat Albayrak, speaking from the deck of the Fatih.
Officials and analysts had cautioned that it could take up to a decade for gas from the Black Sea find to come online, and would need billions of dollars of investment to build up the infrastructure for production and supply.
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