Reports: Turkey has discovered natural gas that can meet its need for 20 years

Fatih drillship (Photo: AA/File)

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Turkey's Fatih drillship has discovered natural gas reserves in the Black Sea, Reuters reported, citing two sources from Turkey.

President Recep Tayyip Erdoğan said at an energy firm's meeting on Wednesday (August 19) that he would announce "good news" today. While he did not give further details, the shares of TÜPRAŞ, the country's largest oil refinery, and PETKİM, a petrochemical company, increased after his remarks.

"There is a natural gas finding in the Tuna 1 well," Reuters reported, quoting its source. "The expected reserve is 800 billion cubic meters and it meets approximately 20 years of Turkey's needs."

Bloomberg had also reported that Turkey discovered an energy source that was most likely natural gas.

The Fatih ship has been conducting an exploration search in the Black Sea since July. It reportedly found gas in the "Tuna-1" zone.

The sources also told Reuters that it would take Turkey seven to 10 years of time and two to three billion dollars of investment to start production. (EKN/VK)