Yesterday, Turkish President Recep Tayyip Erdogan announced the discovery of a new gas field in the Black Sea, in the Göktep 3 well, which he said contains 75 billion cubic meters.
The reservoir is located at a depth of 3,500 meters. Erdogan noted that this is a discovery with an economic value of about $30 billion, which will be able to meet the needs of households in Turkey for about 3.5 years.
However, Erdogan did not provide an official timetable for the start of gas production from the new field. Based on previous experience, such as in the development of the Sakarya field, the discovery of which was announced in August 2020 and gas production from which began in April 2023, it can be estimated that the development and production process from the new field may last between three and five years.
If the information provided by Erdogan is correct, the production of gas from the new field will contribute to reducing Turkey's dependence on gas imports. Currently, over 90% of Turkey's energy consumption relies on imported inputs from abroad. If Turkey does indeed increase its gas production in its territory, its position as a major player in the regional energy market is expected to strengthen.