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Turkey discovers additional 58 bcm of natural gas in the Black Sea

Following a Cabinet meeting, Turkey’s president Recep Tayyip Erdoğan announced the discovery of an additional 58 billion cubic metres (bcm) of natural gas in the Black Sea.

“Our drillship Fatih has explored 58 bcm of natural gas reserves, at 3,023 metres under the sea, at the Caycuma 1 block,” said the President.

Furthermore, thanks to the latest revisions, the estimated volume in the Sakarya field was brought to 652 bcm from the previous 540 bcm. As a result, Turkey’s natural gas reserve in the Black Sea will total 710 bcm with a market value of 1 trillion US dollars.

“Our new exploration will pave the way for similar explorations in other geological fields adjacent to the region,” Mr Erdoğan added, mentioning the Mediterranean area. “We will launch new drilling as soon as possible.”

The President also emphasised how Turkey has already been considered an important energy hub thanks to its 7 natural gas pipelines, 4 LNG terminals, 2 underground gas storage facilities and a natural gas market already functioning. Indeed, as Mr Erdoğan underlined, the country’s ultimate goal is to declare energy independence from foreign oil and natural gas as soon as possible.

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