By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ng
  • News
    • Politics
    NewsShow More
    Okadigbo not appointed as our spokesperson — Labour Party
    August 13, 2022
    Three siblings die in Kano building collapse
    August 13, 2022
    NNPC Ltd, PSC Contractors resolve age-long disputes, renew PSC leases
    August 13, 2022
    Police dismiss Corporal Opeyemi Kadiri for illegally checking commuter’s phone in viral video
    August 13, 2022
    BUA Group’s growth evidence of correctness of our policies – Buhari
    August 12, 2022
  • Entertainment
    EntertainmentShow More
    Kizz Daniel
    Kizz Daniel announces free show for Tanzanian fans, tenders apology
    August 10, 2022
    2Baba
    2Baba pens public apology to wife, children, mother, others
    August 9, 2022
    Kizz Daniel
    Kizz Daniel regains freedom after arrest in Tanzania
    August 8, 2022
    Ecobank Nigeria announces plans to host exhibition to celebrate World Photography Day
    August 8, 2022
    Kizz Daniel
    Tanzanian police arrest Kizz Daniel
    August 8, 2022
  • Business & Economy
    Business & EconomyShow More
    NNPC Ltd, PSC Contractors resolve age-long disputes, renew PSC leases
    August 13, 2022
    Buhari makes u-turn on Seplat-ExonnMobil shares deal
    August 11, 2022
    Polaris Bank not sold, all banks safe – NDIC boss
    August 10, 2022
    Muhammadu Buhari
    Buhari gives approval for Seplat to acquire Exxon Mobil shares
    August 8, 2022
    Stanbic IBTC
    Stanbic IBTC partners Bento Africa to offer value added services to Nigerian businesses
    August 3, 2022
  • Sport
    SportShow More
    Brentford thrash Man United four nill as Ten Hag’s woes continue
    August 13, 2022
    Ballon d’Or: Messi snubbed in 30-man shortlist
    August 13, 2022
    Women’s Ballon d’Or: Nigeria’s Asisat Oshoala nominated
    August 13, 2022
    UEFA Super Cup: Real Madrid defeat Eintracht Frankfurt to win trophy
    August 11, 2022
    Manchester City and France footballer Benjamin Mendy (R) arrives to Chester Crown Court in northwest England on August 10, 2022 at the start of his trial for the alleged rape and assault of seven women. Mendy, 28, who faces eight counts of rape, one count of sexual assault and one count of attempted rape, relating to seven young women, could see his playing career end in jail if convicted. (Photo by Lindsey Parnaby / AFP)
    Manchester City’s Mendy goes on trial for rape and sexual assault
    August 10, 2022
  • Tech
    TechShow More
    Tech companies making a difference in Africa
    August 9, 2022
    WhatsApp announces new privacy features, users can now hide online presence
    August 9, 2022
    NCC-CSIRT flags ‘HiddenAds’ Malware that Jeopardizes Users’ privacy
    August 8, 2022
    L-R: Mr. Kunle Olorundare,, Principal Manager, Technical Standard and Network Integrity, Nigerian Communications Commission (NCC); Ms. Mistura Aruna, Head, Consumer Information and Education, NCC; Chief, Ademola Odunade, the Ayingun Olubadan of Ibadanland; Prof Adewolu Akande, Chairman, Board of Commissioners, NCC; Mr. Efosa Idehen, Director, Consumer Affairs Bureau, NCC and Mr. Akanbi Akinwale, Principal Manager, Ibadan Zonal Office NCC, during the 3rd Village Square Dialogue with telecom consumers held in Ibadan recently.
    Olubadan backs clamour for telecom infrastructure protection
    August 8, 2022
    5 facts about the Metaverse you need to know
    August 4, 2022
Reading: Turkey announces historic gas discovery in Black Sea
Share
Aa
Okay.ngOkay.ng
Aa
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Okay.ng on WhatsApp
  • Careers
  • Submit News to Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Okay.ng > News > Turkey announces historic gas discovery in Black Sea
News

Turkey announces historic gas discovery in Black Sea

Farouk Mohammed By Farouk Mohammed Published August 22, 2020
Share
4 Min Read
SHARE

Black Sea, but would still speed up contentious exploration in the Mediterranean that has pitted it against Greece and the EU.

Turkey hopes the discovery can help wean it off imported energy, including from Russia, which comes at a high cost at a time when the local currency is weakening and the economy is more fragile because of the coronavirus.

Erdogan said the 320-billion-cubic-metre deep sea find was made at a site Turkish vessel Fatih began exploring last month.

He added that he hoped to see the first gas reach Turkish consumers in 2023, the 100th anniversary of the birth of the modern republic.

“Turkey made the biggest discovery of natural gas in its history in the Black Sea,” a delighted Erdogan said during a speech in Istanbul’s Dolmabahce Palace.

“My Lord has opened the door to unprecedented wealth for us,” he enthused.

The Fatih, Turkey’s first drilling vessel, is named after Fatih Sultan Mehmet, the Ottoman Sultan who conquered Constantinople — current-day Istanbul — in 1453.

The vessel made the discovery in the Tuna-1 field off the coast of Eregli town in the northern province of Zonguldak after beginning the search on July 20, Erdogan said.

The Turkish lira gained value against the dollar on Erdogan’s promise on Wednesday to report “good news” on Friday, but fell after the size of the find was less than half of that suggested in initial reports.

Analysts were also wary of overplaying the discovery’s significance, pointing out that deep sea drilling is expensive and takes time.

“There are reasons to be cautious,” said Jason Tuvey, senior emerging markets economist at Capital Economics.

“For one thing, it will take time for the necessary infrastructure to be put in place before the gas can be extracted,” he said in a research note.

Tuvey added “the boost to Turkey’s external position may only be temporary.”

Ozgur Unluhisarcikli, Ankara director of the German Marshall Fund, tweeted the discovery was “not bad at all (but) not a game changer either.”

The volume of gas announced by Erdogan would cover Turkey’s total natural gas needs for six years, at current consumption rates.

Turkish Finance Minister and Erdogan’s son-in-law, Berat Albayrak, speaking aboard the Fatih, said the discovery and future potential finds could reduce Turkey’s import-heavy trade balance by cutting its high energy import bill.

Turkey’s energy import bill corresponded to two percent of total economic output last year, according to Capital Economics, with most purchases coming from Russia, Iran and Iraq.

Turkey’s Energy Market Regulatory Authority said in January the country’s annual cost of energy imports was between $12 billion and $13 billion (10.2-11.1 billion euros).

This month, Erdogan ordered the resumption of controversial energy exploration off the southern coast close to a Greek island in disputed eastern Mediterranean waters.

The issue has put Turkey on a collision course with Greece, Cyprus and the European Union, and exacerbated tensions with France, which has stepped up its military presence in the region.

But Erdogan showed no sign of yielding to the EU’s repeated call to immediately end the eastern Mediterranean search.

“We will accelerate our activities in the Mediterranean with the deployment by the end of the year of (drilling ship) Kanuni, which is currently under maintenance,” he said.

“God willing we expect similar good news,” Erdogan added.

Turkey dispatched the seismic research ship Oruc Reis accompanied by warships to the region on August 10, angering Greece who said the move threatened peace.

TAGGED: Black Sea, Turkey
Share this Article
Facebook Twitter Whatsapp Whatsapp Telegram Email Print
What do you think?
Happy0
Love0
Sad0
Angry0
Joy0
Surprise0

Connect with Okay on Social

Facebook Like
Twitter Follow
Instagram Follow
Telegram Follow
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image
- Advertisement -
Ad image
- Advertisement -
Ad imageAd image

Recent Posts

Brentford thrash Man United four nill as Ten Hag’s woes continue
Okadigbo not appointed as our spokesperson — Labour Party
Three siblings die in Kano building collapse
Ballon d’Or: Messi snubbed in 30-man shortlist
Women’s Ballon d’Or: Nigeria’s Asisat Oshoala nominated

You Might Also Like

Politics

Okadigbo not appointed as our spokesperson — Labour Party

August 13, 2022
News

Three siblings die in Kano building collapse

August 13, 2022
Business

NNPC Ltd, PSC Contractors resolve age-long disputes, renew PSC leases

August 13, 2022
News

Police dismiss Corporal Opeyemi Kadiri for illegally checking commuter’s phone in viral video

August 13, 2022
Previous Next
Okay.ngOkay.ng
Follow US

© OKN MEDIA PUBLISHING 2022 - All rights reserved

  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Okay.ng on WhatsApp
  • Careers
  • Submit News to Okay.ng
Welcome Back!

Sign in to your account

Lost your password?