A report by Wood Mackenzie for Studies and Consulting stated that Turkey’s recent natural gas discoveries are sufficient to meet the country’s energy needs for 12 years.
The report, prepared by Ashley Sherman, chief researcher at Wood Mackenzie, based in Scotland, expected that Turkey would discover additional quantities of natural gas during the next stage. Read also 7 questions that explain the story of Canal Istanbul and its economic importance Saudi imports from Turkey increased in February Erdogan: We succeeded in restarting oil production from closed wells The Turkish lira hits a new low at 8.6 against the dollar
He added that the recent natural gas discoveries strengthen Turkey’s strength in the negotiations to supply natural gas through pipelines with Russia, Iran and Azerbaijan.
And last Friday, President Recep Tayyip Erdogan announced the discovery of an additional 135 billion cubic meters of natural gas off the coast of his country in the Black Sea, bringing the total gas reserves discovered in the region to 540 billion cubic meters.
This comes after Erdogan announced last August the discovery of the largest gas field in the country’s history at the “Tuna 1” site in the Sakarya field, with a reserve of 320 billion cubic meters, and then he later announced an increase in estimates after discovering an additional 85 billion cubic meters.
With Turkey’s successive discoveries of natural gas in the Black Sea, the hopes of the Turks are increasing that their country will reach the ranks of the “big 10”, and improve the economic reality by reducing dependence on abroad in the field of energy and meeting needs locally.
Experts stressed that the gas discoveries in the Black Sea will make Ankara more powerful on the economic level, and will give it more freedom in its foreign political movement, according to what reported Al-Jazeera correspondent Net earlier.
“Yeni Şafak” newspaper said that the discovery of natural gas will result in important economic variables in various fields, likely that inflation rates will witness a significant decline as a result of the decrease in energy costs used in the industrial sector, and this will be reflected in a clear decrease in prices.
It indicated that interest rates will gradually decrease in view of the annual revenue that will enter the country thanks to the discovered gas, estimated at billions of dollars.
Ankara currently imports about 50 billion cubic meters of gas it consumes annually, and officials expect domestic production to boost the country’s gas demand by 60%, to reach 80 billion cubic meters annually by 2030.
The discoveries are also expected to allow Turkey to import cheaper gas, reducing the average annual energy bill by about $44 billion.