Turkey said to find energy in Black Sea as Erdoğan promises to deliver 'good news'

Bloomberg on Aug. 19 said that Turkey has made an energy discovery in the Black Sea, basing its report on two people with direct knowledge of the matter. The report came soon after President Erdoğan said that he would be delivering "good news" on Aug. 21 which will open "a new period" in Turkey. Meanwhile, Homeland Party leader Perinçek, a supporter of Erdoğan, said that hydrocarbon deposits and natural gas reserves were found off the Black Sea province of Zonguldak.

Duvar English

Two Turkish officials on Aug. 19 told Bloomberg that Turkey discovered energy in the Black Sea, most likely natural gas, without elaborating further on the matter. The two made the statements after President Recep Tayyip Erdoğan told an energy-related event earlier in the day that he would be announcing “good news” on Aug. 21 that will open a “new period” in Turkey.

Turkey has been exploring and drilling for energy resources in parts of the Black Sea region and eastern Mediterranean, believed to be rich in oil and natural gas. Its operations led to a dispute with NATO ally Greece over overlapping claims in the Mediterranean, where two Turkish survey vessels are in areas claimed by Greece, Cyprus and Turkey.

Turkey's drillship Fatih begins drilling in Black SeaTurkey's drillship Fatih begins drilling in Black Sea

Erdoğansaid at the opening of a solar power plant in Ankara on Aug. 19 thatno threats can deter Turkey from seeking natural resources in theeastern Mediterranean.

Shortly afterwards the president, without providing details, made his comment about a “good news” announcement, which Finance Minister Berat Albayrak said would be “an axis shift” for Turkey.

“Weare imagining, dreaming of this good news right now. I believe as ofnow that by giving this good news to our people on Friday, Godwilling a new period will be opened in Turkey,” Erdoğan said. “IfI announce it now, the excitement and all will be lost.”

Energy Minister Fatih Dönmez, asked about the “good news” on Aug. 19, told reporters he was “also waiting with curiosity.”

Erdoğan ally Perinçek: Hydrocarbon deposits, natural gas reserves found

Homeland Party (Vatan Party) leader Doğu Perinçek, who is an ally of Erdoğan, later said on a live TV program that hydrocarbon deposits and natural gas reserves were found off the Black Sea province of Zonguldak.

"Let's leave the good news to our President, but according to the received information, we have in the last couple of days found out that hydrocarbon deposits and natural gas reserves were found [in Black Sea] off Zonguldak," Perinçek said on Ahmet Hakan's "Neutral Zone" ("Tarafsız Bölge" in Turkish) show.

Sharesin Turkey’s Tüpraş refiner were up 7.58%, while the shares inpetrochemicals company Petkim rose 9.87% following Erdoğan’scomments, Reuters said.

The Turkish lira, which hit a series of record lows against the U.S. dollar in recent days, firmed more than 2% to as far as 7.22, over expectations of a new energy finding by Turkey. The main share index rose 2.95% on Aug. 19.

Turkey seeks to resolve energy exploration dispute with Greece through dialogueTurkey seeks to resolve energy exploration dispute with Greece through dialogue
Topics Turkey Erdoğan Black Sea gas drilling