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With the latest studies, the total reserve of natural gas in the Black Sea has increased to 405 billion cubic meters.
President Recep Tayyip Erdogan, who made remarks about the Fatih Sounding ship, announced the ‘new good news’.
Erdogan announced that 85 billion cubic meters of new reserves have been discovered.
On August 21 it was announced that there are 320 billion cubic meters of natural gas reserves in the Sakarya Field (Tuna-1). With the latest discovery, the total reserve increased to 405 billion cubic meters.
Turkey’s annual average of 40-45 billion cubic meters of natural gas consumption is known. In line with this new reserve of 85 billion cubic meters, about 2 years, while the total reserves of 405 billion cubic meters, which is said to correspond to the needs of Turkey for 9 years.
WHERE IS IT USED?
Turkey’s natural gas consumption in 2019 was 44.9 billion cubic meters. Of the 44.9 billion cubic meters of domestic consumption of natural gas, 14.5 billion cubic meters go to housing, 12.4 billion to industry and 11.2 billion to electricity generation and 6.8 billion to other areas.
Turkey’s annual energy import bill, including oil and natural gas:
It was $ 43 billion in 2018 and $ 41 billion in 2019.
About a third of energy imports, $ 13 billion, are spent on natural gas.
RUSSIA IS THE FIRST IN IMPORT
36.9 percent of Turkey’s natural gas needs from Russia, Azerbaijan 15.7 out of 13.5 from Algeria, 11.7 from Iran, Nigeria and 7 out of 5 8 from Qatar, 3.2 from the US. And 3.1 from Trinidad Tobago.
WHEN CAN IT BE USED?
Previously, Israel began to extract the gas it found in the Leviathan field within a period of 2 years after the final investment decision. According to experts, Turkey could commercialize this gas in 3 years.
Also important in this period was also reduced to 3 years where the gas plants and gas pipelines with Turkey. However, it is claimed that the depth and location of the gas can complicate the works and increase the cost.
HOW TO REFLECT THE PRICES OF NATURAL GAS?
With the formation of a competitive price in the market, there will be a gradual decrease in the consumer bill. The Minister of Energy and Natural Resources, Fatih Dönmez, said, after the discovery declaration, “The import will decrease. The citizen will use the cheapest gas, ”he said.
WHAT WILL BE THE IMPACT OF THE DISCOVERY OF NATURAL GAS IN THE BLACK SEA ON THE ECONOMY?
