A recently discovered natural gas field in the Black Sea is set to provide nearly a third of Turkey’s domestic needs when it reaches peak production capacity by 2027, Energy Minister Fatih Donmez said, unveiling details of his ambitious timeline to bring last year’s find on stream, APA-Economics reports citing Bloomberg.
Turkey may be able to start with initial annual production capacity of 3.5 billion cubic meters of gas in 2023, Donmez told Bloomberg News in an exclusive interview in Ankara, Turkey’s capital. The aim would be to increase that to about 15 billion cubic meters annually within four years of first production, roughly one quarter of the European Union’s output today.
Turkey aims to cut its annual energy bill of around $44 billion by reducing its reliance on imports, which currently account for nearly all of the country’s gas consumption. Domestic gas demand is expected surge by a quarter to reach 60 billion cubic meters this year, due to lower hydropower production amid dry weather and rising coal prices, Donmez said.