The discovery of natural gas is expected to enable Turkey to import cheaper natural gas and cut its annual energy bill by an average of approximately US$44 billion.

President Recep Tayyip Erdogan announced the discovery of new natural gas deposits in the Black Sea, and Turkey plans to start production in the Black Sea in 2023.

In a televised speech in the Black Sea coastal city of Zonguldak, Erdogan said that the national energy company Tpao discovered 135 billion cubic meters of natural gas in the Amasra-1 offshore well, bringing the total amount of reserves discovered in the past year to 540 billion cubic meters. .

The authorities did not conduct independent audits of the total natural gas and recoverable natural gas discovered in any part of the so-called Sakarya oil field. Officials said that Tpao plans to develop these deposits on its own and does not require foreign financing.

In recent years, Turkey has stepped up its exploration of coastal oil and natural gas. Erdogan used recent energy discoveries as a solution to some of Turkey’s long-term economic vulnerabilities, including energy import bills that need to be paid in foreign currencies.

Turkish explorers discovered 405 billion cubic meters of natural gas in the Tuna-1 well near the Sakarya oil field last year, which is the largest discovery in the history of the Black Sea.

At present, almost all of the 50 billion cubic meters of natural gas consumed by Turkey each year are imported. Officials predict that by 2030, domestic production will increase the country’s natural gas demand by 60% to 80 billion cubic meters per year.

These findings are also expected to enable Turkey to import cheaper natural gas and cut its average annual energy bill by approximately US$44 billion.