Turkey has found a gas field of 320 billion cubic meters in the Black Sea. President Recep Tayyip Erdogan said it was the biggest gas find in the country’s history on Friday.
Erdogan added that there is a good chance that more gas will be found in the area. He aims to be able to use the gas in 2023.
The ultimate goal is for Turkey to become a net exporter of gas. The country currently relies heavily on imports of energy from Russia, Iran and Azerbaijan, among others.
Rumors of the gas find were already circulating last week. Stocks of Turkish energy companies were skyrocketing and the lira was also rising.
After Erdogan’s actual announcement, the national currency has fallen slightly against the dollar. Experts say it could take up to ten years for the find to pay off. This will require billions in investment in infrastructure.