Türkiye's new $30 bln gas discovery strengthens its geopolitical importance

ISTANBUL

Türkiye’s latest discovery of a 75 billion cubic meter natural gas reserve in the Göktepe-3 well in the Black Sea is being hailed as a major step toward energy security and a stronger role on the global energy stage.

On Saturday, President Recep Tayyip Erdoğan announced the find, which was made during recent exploration efforts in the Black Sea.

The Göktepe-3 well is located 69 kilometers (42.8 miles) west of the Sakarya Gas Field and 165 kilometers (102 miles) from the shore.

The discovery was made at a depth of roughly 3,500 meters by the Abdulhamid Han, one of Türkiye’s high-tech deepwater drilling vessels.

Drilling, logging and testing at the site began on March 27 and continued for about 50 days before the announcement of the discovery on May 16.

Valued at $30 billion, the reserve is expected to meet the gas needs of all households in Türkiye for three and a half years.

 'We’ve gained major expertise in the Black Sea'

Oğuzhan Akyener, president of the Turkish Energy Strategies and Policies Research Center (TESPAM), said that the Black Sea region—especially around the Sakarya Gas Field—has been systematically explored, with new gas-bearing formations being tested and evaluated.

Discussing the potential value of the find, Akyener explained: “If we calculate the price of natural gas at 15 lira per cubic meter, the full 75 billion cubic meters could be worth about 1.2 trillion liras—around $30 billion based on the current exchange rate.”

He noted that production would be phased over time: “We won’t extract the full 75 billion cubic meters right away. For example, if the maximum annual production is six billion cubic meters, the output will be spread out over many years.

“But I believe our national oil company is capable of managing this process professionally. We’ve already developed strong expertise in the Black Sea operations. Existing infrastructure makes it much easier to expand further.”

 Total Black Sea reserves are now at 785 billion cubic meters

With this new find, Türkiye’s total confirmed natural gas reserves in the Black Sea now stand at 785 billion cubic meters, Akyener said.

“This is very good news for our country. Our current account deficit is still high, and energy imports make up a large portion of it. Each new discovery and each cubic meter we produce helps reduce our dependence on foreign energy,” he said.

He said that development and production plans would follow initial testing, explaining: “For example, if production begins 10 years from now and reaches full capacity, we might see five to six billion cubic meters produced annually.

“That would cover about 7 to 8% of Türkiye’s annual gas consumption, which is around 60 billion cubic meters. The exact outcome depends on development plans set by the Ministry of Energy and Natural Resources,” he said, pointing out: “What we’re offering now are early projections based on available data.”

 Türkiye expanding gas exports

Energy discoveries are also reshaping Türkiye’s geopolitical standing, Akyener said, adding: “Türkiye has strengthened its position in the geopolitical game—not just politically and militarily, but also diplomatically. Energy plays a key role in this. These discoveries, along with the growing output from places like Gabar, and our overseas efforts in countries like Somalia, all support our aim of becoming a central energy hub.”

He emphasized that Türkiye is shifting from being a gas importer to an exporter, saying: “We’re already exporting natural gas. According to recent statements by the minister of energy and natural resources, we’re also working on plans to export gas to Syria.

“We’ve been supplying gas to Balkan countries, and now Syria is being added. Gas shipments to Nakhchivan will also continue. All of this strengthens Türkiye’s position as a gas trading hub. Each new discovery contributes to that goal.”