Gas found in Black Sea worth over $500 bln: Minister

Natural gas Türkiye discovered in the Black Sea is worth more than $500 billion and is large enough to supply all homes in the country with gas for 35 years, Energy and Natural Resources Minister Fatih Dönmez has said.

The total gas reserves found in the Black Sea is 710 billion cubic meters, Dönmez told private broadcaster CNN Türk, adding that this is the one of largest gas found in the sea ever.

When the industry is added, this gas find will meet the country's need for 15 to 20 years, according to the minister.

The natural gas from the Sakarya Field will arrive at the Filyos Natural Gas Processing Facility on April 20 with a ceremony to be attended by President Recep Tayyip Erdoğan, Dönmez said. The gas then will start to be pumped to the national grid in the following one to two weeks. "The gas [found in the Black Sea] will be put in use in May. [Pipeline company] Botaş will be in charge of distributing the gas."

The minister also said that Erdoğan will make an important announcement on April 20 but declined to provide further details.

The production cost of the Black Sea natural gas will be more favorable than importing gas, he noted, adding that the total cost of the project will be unveiled when it is finalized.

Production at the gas field will be around 10 million cubic meters per day initially, and the output will reach its peak within two to three years and climb to 40 million cubic meters per day in 2025, Dönmez said.

Türkiye imports 99 percent of the natural gas it consumes, and the country's total imports amounted to around $350 billion last year, with energy's share in total imports standing at 30 percent, according to the minister.

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