Turkey's first offshore gas discovery will help Ankara reduce its energy import bill and stop the drain on its foreign currency reserves
Any substantial discovery of natural gas reserves in the deep waters of the Black Sea will have a far-reaching impact on Turkey’s economy, which relies on imports to meet almost all its energy needs.
“It will solve a lot of our energy supply security problems. Turkey right now is only producing about 1 percent of its natural gas locally - the rest is imported,” says Mustafa Topuz, a founding partner in Ankara-based MNCM Consulting, tellsIn a televised address, Turkey’s President Recep Tayyip Erdogan said the discovered reserves at a zone known as Tuna-1 are around 320 billion cubic meters .
But successive discoveries made by regional countries such as Israel coupled with Turkey’s exclusion from the Eastern Mediterranean energy scene pushed Ankara to expedite its own efforts. “While on the one hand this obviously helps Turkey reduce its current account deficit, this project’s financing cost and other commitments will be US dollars,” says MNCM’s Topuz.
“By and large gas will be around for at least 30-40 years. If a country like Turkey is trying to make an investment now in a new find, it can pay off down the road.”
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