ANKARA: Turkish President Recep Tayyip Erdogan says the 320 billion cubic meters of natural gas reserves is expected to be ready for public consumption by 2023.
The benefits of Turkey’s recent giant natural gas discovery in the Black Sea will be felt mostly in the medium and long term as the gas is expected to be ready for public consumption in 2023.
As announced on Friday by President Recep Tayyip Erdogan, some 320 billion cubic meters of natural gas reserves were found after the drill ship Fatih started work on July 20 off the Black Sea coast.
The size of the discovery dwarfs all the natural gas Turkey has ever produced (16.6 billion cubic meters), and is expected to be worth roughly $65 billion in value.
Enver Erkan, an economist at Istanbul-based private investment firm Tera Yatirim, said after Erdogan teased the arrival of good news ushering in a “new era” in Turkey, energy shares and the Turkish lira both gained some ground.
The US Dollar/Turkish lira exchange rate fell to around 7.20 ahead of the announcement, after hovering above 7.34 earlier in the week, but settled for the weekend at 7.34 after the announcement was made.