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Updated May 3rd, 2023 at 13:11 IST

Turkey: Erdogan announces major oil discovery with capacity of 100,000 barrels per day

An oilfield with an estimated production capacity of 100,000 barrels per day has been discovered in Turkey, President Recep Tayyip Erdogan announced on Tuesday.

Reported by: Digital Desk
Turkey Erdogan
Image: AP | Image:self

 

On Tuesday, Turkish President Recep Tayyip Erdogan declared the discovery of an oilfield in Turkey, which has an approximate daily production capacity of 100,000 barrels.

According to TASS, President Erdogan mentioned that the newly identified resources are located close to an existing oilfield in the Gabar Mountain region of southeast Sirnak Province. He further added that the field has the potential to produce more oil than any other Turkish field and will strengthen the country's energy self-reliance.

"Turkey will no longer be a country which needs energy imports. We will become a state capable of supplying energy resources,” he proclaimed. According to the Turkish leader, crude from the new field is already flowing to oil refineries.

A move towards energy independence?

Turkey places great importance on achieving energy independence and seeks to reduce its reliance on imports, which currently account for almost all of its domestic consumption. The country currently heavily depends on oil and gas imports from various countries including Russia, Azerbaijan, Iran, Nigeria, and Algeria. In addition, Turkey also relies on imports of liquefied natural gas (LNG) from Qatar and the United States. Diversification of energy sources is a key priority for Turkey.

Back in December, President Erdogan announced the discovery of an oilfield in Sirnak Province that is believed to hold approximately 150 million barrels of reserves, with an estimated value of $12 billion.

Over the past year, Turkey has significantly increased its ambitions in the oil and gas sector. In January, the country entered into a long-term agreement with Bulgaria, providing the Balkan nation with access to Turkish LNG terminals.

In January, the Turkish government revised its estimate of the country's natural gas reserves in the Black Sea. According to Energy Minister Fatih Donmez, the currently proven deposits would be sufficient to meet domestic demand for the next 30 years. Furthermore, he added that the discovery of new gas reserves in the Black Sea would further extend Turkey's self-sufficiency in terms of gas supplies beyond the next three decades.

Russia & Turkey to boost trade

On Thursday, Russian President Vladimir Putin declared that Moscow and Ankara plan to strengthen their economic cooperation and enhance their bilateral trade. Putin made the announcement while participating remotely in a fuel delivery ceremony at Turkey's Akkuyu nuclear power plant, along with his Turkish counterpart, who also joined via video link.

“Of course, in addition to cooperation in the field of peaceful nuclear energy, we have just discussed other urgent issues in the development of the entire range of Russian-Turkish relations. And in this regard, a number of fundamentally important joint agreements have been reached,” Putin said.

In addition to their plans to deepen economic co-operation and expand bilateral trade, the leaders of Russia and Turkey have also agreed to facilitate mutual investments and support the entry of Russian and Turkish businesses into each other's markets.

According to Putin, the trade turnover between the two countries exceeded $62 billion in 2022.

In 2020, Turkey and Russia signed a roadmap for economic cooperation, which includes a goal of increasing bilateral trade turnover to $100 billion annually. The two countries have also agreed to use the Russian ruble as a settlement currency for bilateral trade, including for Russian natural gas supplies.

Recent data shows that Turkey became one of the top five exporters to Russia last summer and ranked 11th overall in 2021, surpassing the likes of the US, France, Japan, Poland, and Italy.

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Published May 3rd, 2023 at 13:11 IST

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