Turkiye to invest $10B in development of Black Sea gas fields

Turkish authorities intend to invest $10 billion in developing gas fields in the Black Sea, Report informs, citing Sabah.

The investments will enable Ankara to extract about 14 billion cubic meters of natural gas per annum from the fields in Zonguldak and the Sakarya gas field. These funds will also help create more than 1,000 jobs.

On August 21, 2020, Turkish President Recep Tayyip Erdogan announced the discovery of large gas deposits in the Black Sea. The country's authorities expect to start supplying this gas to the domestic market by 2023. The President said the authorities would soon resolve the technical issues related to gas production from this field and launch drilling right away.

Meanwhile, in mid-October last year Erdogan said the volume of proven gas reserves at the Dunai-1 section of the Sakarya field made 405 billion cubic meters.