President Recep Tayyip Erdoğan announced on Friday that Turkey's drillship Fatih discovered 320 billion cubic meters (bcm) of natural gas in the Black Sea. The largest discovery of natural gas in Turkey’s history, it is expected to be part of a broader reserve, marking the beginning of a new chapter for the country. It also represents a giant leap forward in its revolutionary attempt to end its dependence on foreign energy. The currently available natural gas reserve, which could meet Turkey’s energy demand for eight years, is priced at approximately $90 billion (TL 660 billion) based on current prices.
On Friday, President Recep Tayyip Erdoğan, along with former energy chief and current Treasury and Finance Minister Berat Albayrak, announced that Turkey had discovered some 320 billion cubic meters (bcm) of natural gas – the largest deposit found in the country's history.
What is the current natural gas situation in Turkey? What does the future hold for Turkey’s energy market? How will Turkey’s economy and foreign policy be affected?