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Wednesday, July 17, 2024

Türkiye discovers new oil field

President Recep Tayyip Erdogan revealed that the find is worth $12 billion

About 150 million barrels of net oil reserves were discovered in Gabar Mountain, in Türkiye’s southeast province of Sirnak, President Recep Tayyip Erdogan announced on Monday following a meeting with his Cabinet of Ministers. The find, said to be one of the ten largest onshore discoveries of 2022, is worth about $12 billion, the president stated.

We produce 5,000 barrels per day in four wells in this region, which has a very high oil quality,” Erdogan noted, as cited by Anadolu Agency.

While many oil and natural gas companies were throwing in the towel during the pandemic, Turkish Petroleum accelerated its exploration and production activities. With 34 more discoveries in 2021 alone, we added another 71 million barrels to our current reserve,” he added.

Read more: Russia calls on Turkey to show ‘restraint’ in Syria

Türkiye plans to increase its oil production to 100,000 barrels daily, expanding its seismic research, drilling, and other productivity-enhancing developments, Erdogan revealed.

The discovery comes less than a month after Türkiye was reportedly seeking a price cut of over 25% on natural gas supplies from Russia, which delivers some 44% of Ankara’s gas. The two countries have increasingly been working together on energy supply and distribution, especially in the wake of the attack on the Nord Stream gas pipelines in the Black Sea.

Read more: UN, Turkey and Ukraine go ahead with grain deal

Last week, the Financial Times reported that Western officials were holding Türkiye responsible for the disruption of oil shipments from the Black Sea, after Ankara stopped 22 tankers carrying crude from crossing its territorial waters, citing insurance concerns. The vessels were detained days after the EU, the G7 countries and Australia imposed a $60-per-barrel price cap on Russian seaborne crude exports.