Turkey finds natural gas in Black Sea

Turkish President Recep Tayyip Erdogan has announced the discovery of large natural gas reserves off the Black Sea coast, days after he promised “good news” that would usher in a “new era” for the energy-dependent country.

Mr Erdogan said the amount of gas discovered is 320 billion cubic metres, adding that he hopes to start extracting and using the gas by 2023.

If confirmed as recoverable resources, the reserves could ease the country’s dependence on energy imports and financial market jitters that saw the Turkish lira plummet to record lows this summer.