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Turkey determines the value of gas reserves discovered in the Black Sea

Turkish Minister of Energy and Natural Resources, Fatih Donmez, said that the economic value of the gas reserves discovered in the Black Sea is estimated at 65 billion dollars.

Donmaz added, when participating in a local TV program, on Friday evening, that it is difficult to predict the prices of gas and oil in the future.

And he added, “The prices of gas and oil are related to each other in the global markets, and looking at gas prices during the last 5 years, we can say that the economic value of this volume (discovered reserves) of natural gas is estimated at 65 billion dollars.”

Donmaz pointed out that the average consumption of natural gas in Turkey ranges between 45-50 billion cubic meters annually, noting that “the new gas field will fill the country’s need for about 7 to 8 years.”

He continued, “But with the continuing excavation work and the possibility of finding additional fields, this period may extend for longer years.”

He explained that they aim to transport the first batch of gas to land in 2023.

He pointed out that the Turkish Petroleum Corporation has gained great experience and expertise in recent years, adding that they will continue “exploration and surveying work with local capabilities, and a pipeline to transport gas will be established.”

With regard to the excavations in the eastern Mediterranean, Donmaz pointed out that some countries in the region are seeking to monopolize the region’s wealth.

He stressed that his country will continue exploration work in that region, and will not allow anyone to violate the limits of its maritime authority, again on the other hand, his country’s readiness for dialogue regarding the region’s wealth.

Earlier Friday, the Turkish president announced the good news of the discovery of the “Al-Fateh” exploration vessel, 320 billion cubic meters of natural gas reserves in the Black Sea.

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