As we celebrate Eid al-Fitr, Türkiye also witnessed a festive day in the energy sector. On the eve of the holiday, a ceremony was held to launch the 710 billion cubic meters of natural gas reserves discovered in the Black Sea. In an era where energy is becoming increasingly strategic, this development carries great importance in many aspects.

Türkiye is particularly dependent on net imports of hydrocarbon energy sources such as oil and natural gas. As a result, its economy is highly sensitive to fluctuations in oil and gas prices. We have been experiencing firsthand how this "highly import-dependent" profile in energy has negatively affected the economy in many ways. The negative impact of rising energy prices on macroeconomic indicators such as inflation and the current account deficit is deeply felt across society. Therefore, any improvement in this import-dependent situation in energy is not only technically but also strategically important.

DETAILS OF THE BLACK SEA RESERVES

As you may recall, the size of the first gas discovery in the Black Sea was announced as 320 billion cubic meters. Subsequently, with additional drilling, this figure was raised to 405 billion cubic meters. After the Kanuni drilling vessel accompanied the Fatih drilling vessel, the reserve amount was updated to 540 billion cubic meters.

In the following process, evaluations were made, and it was confirmed that the gas reserves in the Sakarya field were 652 billion cubic meters, and when the 58 billion cubic meters of reserves in the Çaycuma-1 well were added, the total reserve reached 710 billion cubic meters. Meanwhile, work in the field continues, and findings indicating that the reserve will increase further are increasing day by day.

I have written several articles in this column about the "giant reserve" discovered in the Black Sea, which has been gradually discovered and currently stands at 710 billion cubic meters. (I say "currently" because information from sources close to the topic suggests that the reserve will increase over time.) In my articles, I have emphasized that, in addition to the economic aspect of the issue, the reduction of dependency on energy imports should also be taken into account. I have even tried to explain that such a discovery's perceptual aspect would go beyond its economic benefits most of the time.

As I mentioned when the gas discovery in the Black Sea, a result of the "National Energy and Mining Policy" implemented during the previous Energy and Natural Resources Minister Berat Albayrak's term and continued by Fatih Dönmez, was first announced, it is important to remember that the long-term returns of the natural gas launched this week will have externalities far beyond its current economic value.

When the gas reserves were first announced in the Black Sea, discussions arose about whether it would be worth the cost and time to bring the gas ashore and integrate it into the main system. Many experts in the energy field, including myself, emphasized the strategic importance of every cubic meter of gas for Türkiye and stressed the urgency to start using it as soon as possible. Furthermore, previous examples had shown that this process would take a considerable amount of time.

However, thanks to the efforts of the Turkish Petroleum Corporation (TPAO), the natural gas in the Black Sea was brought to shore in a short amount of time and connected to the main pipeline through the Filyos facility. From seismic surveys to drilling, laying pipelines on the seabed, constructing the Filyos facility, and finally delivering the gas to the system, TPAO achieved one of the fastest processes in history. Congratulations are in order!

The success of TPAO in this achievement cannot be overstated. The rapid pace at which they brought the gas ashore and connected it to the main system is a testament to their expertise and capabilities. This success has not only secured Türkiye's energy independence and reduced its dependence on foreign sources, but it has also created an opportunity for the country to become a gas exporter in the future. Furthermore, it highlights the importance of investing in the energy sector and the potential for Türkiye to become a regional energy hub.