Turkish Energy Minister: The value of the discovered gas is estimated at 65 billion dollars

Turkish Minister of Energy and Natural Resources, Fatih Donmez, said that the economic value of the gas reserves discovered in the Black Sea is estimated at 65 billion dollars.

Donmez added, when participating in a local TV program, on Friday, that it is difficult to predict the prices of gas and oil in the future, according to the official Anadolu news agency.

He explained that “the prices of gas and oil are related to each other in the global markets, and looking at gas prices during the last 5 years, we can say that the economic value of this volume of natural gas is estimated at 65 billion dollars”.

Donmez pointed out that the average consumption of natural gas in Turkey ranges between 45 to 50 billion cubic meters annually, noting that “the new gas field will meet the country’s need for about 7 to 8 years”.

He continued, “But with the continuing excavation work and the possibility of finding additional fields, this period may extend for longer years”.

He explained that the goal is to transport the first batch of gas to land in 2023

He pointed out that the Turkish Petroleum Corporation has gained great experience and expertise in recent years, adding that Turkey will continue “exploration and surveying work with local capabilities, and a pipeline to transport gas will be established”.

Regarding the excavations in the eastern Mediterranean, Donmez indicated that some countries in the region are seeking to monopolize the region’s wealth.

He stressed that his country will continue exploration work in the region, and will not allow anyone to violate the limits of its maritime authority, again on the other hand, his country’s readiness for dialogue regarding the region’s wealth.

Earlier on Friday, Turkish President Recep Tayyip Erdogan announced the discovery of the “Fatih” exploration vessel, 320 billion cubic meters of natural gas reserves in the Black Sea.