Turkey announced the discovery of a new natural gas reserve in the Black Sea on Saturday, May 17th. The reserve contains an estimated 75 billion cubic meters of natural gas. This discovery was made during drilling operations.
President Tayyip Erdogan stated that this reserve will meet the natural gas needs of Turkish homes for approximately 3.5 years. The economic value of the discovery is estimated at around $30 billion. The gas was found in the Goktepe-3 well at a depth of 3,500 meters.
Turkey's daily natural gas production at the Sakarya field has reached 9.5 million cubic meters. The country aims to reduce its reliance on energy imports. Turkey imports over 90% of its energy needs.