Turkey discovers new natural gas reserve in Black Sea, worth $30 billion

ISTANBUL: Turkey has discovered a new natural gas reserve in the Black Sea that will meet its residential energy needs for more than three years, President Recep Tayyip Erdogan said on Saturday. 

"We have discovered 75 billion cubic metres (2,650 cubic feet) of new natural gas. With this amount, we will meet the needs of our homes alone for about 3.5 years," he said. 

Erdogan valued the reserve as worth some $30 billion.

"Our work at the Goktepe-3 well, which started on March 27 with our seventh-generation drilling ship Abdulhamid Han, was completed yesterday," he said. 

Turkey is still highly dependent on imports to cover its energy needs, though Erdogan stressed Ankara's desire to achieve energy independence. 

"We will continue on our path without stopping, without resting, and without paying heed to criticism or obstacles until we reach our goal of a fully energy-independent Turkey," he said.