Turkey is ready to be superior, Erdogan announces that his country has succeeded in finding the largest natural gas reserves in the Black Sea, 320 Billion Cubic Reserves, Investors are Ready – All Pages

hurriyetdailynews.com

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Presiden Turki Recep Tayyip Erdogan

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Gridhot.ID – President Turkey Recep Tayyip Erdogan, Friday (21/8/2020) announced the discovery of reserves gas nature largest offshore According to Black.

He said doing so would help reduce the country’s dependence on imports.

Erdogan say reserve the amount gas which were found as many as 320 billion cubic meters.

A number that industry analysts think is especially important Turkey, as reported by AP, Friday (21/8/2020).

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But it is not a game changer that might turn the country into a regional energy hub or materially change its finances.

Turkey hopes to start extracting and using the gas by 2023, when Turkey marks the centenary of the founding of the republic, Erdogan said.

“Turkey has realized the greatest natural gas discovery in its history,” Erdogan said.

“We are determined to solve our energy problems and will not stop until we become clean energy exporters,” he added.

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Berat Albayrak, Erdogan’s economy minister and son-in-law, said:

“We hope to remove the current deficit problem from the country’s agenda and talk about a surplus.”

Independent experts are less convinced of that claim.

Ulrich Leuchtmann, head of foreign exchange research at Commerzbank, said the findings were positive news for Turkey.

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But not the big changes some had hoped for after previous reports indicated.

The findings will meet Turkey’s energy needs for the next two decades.

He also noted it usually takes up to a decade to extract gas from new discoveries.

Investors also appear skeptical about claims the findings will erase Turkey’s current account deficit.

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Although the findings are significant, they are smaller than other finds in the nearby eastern Mediterranean.

That’s only a third of Egypt’s Zohr fields, one of the largest found in the Mediterranean,

It is estimated to store 850 billion cubic meters, or 30 trillion cubic feet of natural gas.

The Turkish drilling vessel, Fatih, has been conducting exploration operations in the Tuna-1 sector in the western Black Sea for the past month.

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This sector is close to Romania found gas reserves.

The findings come as tensions between NATO allies Turkey and Greece have been running high.

It is linked to oil and gas exploration in disputed waters in the eastern Mediterranean.

Greek and Turkish warships overshadowed each other after Turkey sent a research vessel to search for potential underwater oil and gas reserves.

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The Turkish ship is scheduled to search for energy reserves there until 23 August 2020.

Turkey also finds it odd about Cyprus over its exploration of energy around the island.

They had sent warships escorted by ships off the coast of Cyprus to drill for gas.

Insist on acting to protect his interests and the interests of Turkish Cypriots to the area’s natural resources.

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The Greek Cypriot government of the ethnically divided island has criticized Turkey for violating its maritime and economic rights.

The discovery of the proposed natural gas will be a welcome response for the countries that depend on Iran, Iraq and Russia for its energy.

We are still grappling with economic woes, where last year, energy imports cost the country 41 billion US dollars.

The Turkish lira has fallen to a record low this month, driven by high inflation, a wide current account deficit and the Turkish government’s push for cheap credit.

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This is to encourage an economy that was already fragile before the Covid-19 pandemic hit.

However, the currency recovered some losses after reports of the discovery of gas deposits.

This article has been published on serambinews.com with the title Erdogan Announces Findings of Largest Natural Gas Reserves in the Black Sea.

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