The huge amount of energy that Turkey has received, Erdogan said, will change the country's destiny

Ankara, 20 August 2020, Thursday

Turkey has found huge reserves of energy in the Black Sea. These reserves are almost natural gas. This information was given to Bloomberg by two people who are involved in the search for gas reserves in Turkey. The President of Turkey has also confirmed this.

"A new era has begun in the country," Turkish President Recep Tayyip Erdogan told the nation on Friday. However, as Erdogan's campaign to find energy reserves in the disputed Mediterranean waters continues to escalate into a dispute with the European Union.

The Turkish lira has risen sharply against the dollar since the announcement by the Turkish president. Shares of Turkish Petrol Refinery (IIS) and petroleum manufacturer Petkim Petrochemia Holdings rose 7.6 per cent and 9.9 per cent, respectively.

Turkish Energy Minister Fatih Donmej said drilling ship Fatih had been excavating Tuna-1 in the coastal areas near the Turkish city of Aragil last month. "Black Sea gas reserves have been discovered before, but in a limited way," Bluebee Asset wrote in a tweet from Timothy Ash, a strategist. Given Turkey's annual oil and gas bill of-35-50 billion, Turkey's fortunes will change if any large reserves are found.