Tayyip Erdogan, President of Turkey, announced on Friday the discovery of the countries largest ever natural gas field in the Black Sea, which is said to be holding 320 billion cubic meters (11.3 trillion cubic feet).

Conveying that the country is aspiring to become a net energy exporter, Erdogan announced, "Turkey has realized the biggest natural gas find of its history in the Black Sea." The president also said that all engineering work and tests have been completed.

Hoping to Find More

Turkish President Tayyip Erdogan
Turkish President Tayyip Erdogan Wikimedia Commons

If the gas can be commercially extracted, the discovery could help Ankara cut its current dependence on imports - from countries such as Russia, Iran and Azerbaijan - for a substantial amount of its energy needs.

The Fatih drillship began work late last month in the Tuna-1 zone, about 100 nautical miles north of the Turkish coast in the western Black Sea. "This reserve is actually part of a much bigger source. God willing, much more will come. As a country that depended on the outside for gas for years, we look to the future with more security now," he said. "There will be no stopping until we become a net exporter in energy."

Any reduction in Turkey's energy import bill, which stood at $41 billion last year, would boost government finances and help ease a chronic current account deficit which has helped drive the lira to record lows against the dollar.

Billions of Dollars of Investment Required

The currency has strengthened since Erdogan first told energy executives on Wednesday that he had "good news" to announce. The lira slid however as he detailed the find and was down 0.4 percent at 1247 GMT.

Officials and analysts have cautioned that it could take up to a decade for any gas from the Black Sea find to come online, and would need billions of dollars of investment to build up the infrastructure for production and supply.

Turkey has been exploring for hydrocarbons in the Black Sea and in the Mediterranean - where its survey operations in disputed waters have drawn protests from Greece and Cyprus. Erdogan said Turkey will accelerate operations in the Mediterranean.

(With inputs from agencies)