Natural gas deposits discovered by Turkey in the Black Sea are worth more than $500 billion and are large enough to supply gas to all homes in the country for 35 years, according to Energy and Natural Resources Minister Fatih Dönmez. Hurriyat Daily News.
The total gas reserves discovered are estimated at 710 billion cubic meters, one of the largest fields ever discovered in the Black Sea, Dönmez told CNN Turk.
Even if industrial consumption is added, the fields will cover Turkey’s gas needs for 15-20 years.
Gas from the Sakarya field will arrive at the Filios natural gas processing unit on April 20 at a ceremony attended by President Recep Erdogan. In the next two weeks, the extracted gas will start feeding into the national grid. “The gas discovered in the Black Sea will start to be used in May. Botas company will take care of the transportation,” the Turkish minister added.
Fatih Dönmez also said that Erdogan is going to make an important announcement on April 20, but did not provide further details.
The cost of producing natural gas from the Black Sea will be less than the import cost, but the total cost of the project will be known after the works are completed.
Gas production will initially be 10 million cubic meters per day, but in two to three years it will reach a maximum capacity of 40 million cubic meters per day, the minister says.
Turkey imports 99% of the natural gas it uses, with imports worth $350 billion last year.
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