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2 May, 2023 17:35

Türkiye announces major oil discovery

President Recep Tayyip Erdogan says the find will help make the country energy independent
Türkiye announces major oil discovery

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

The new resources have been identified near an existing oilfield in the Gabar Mountain area of the southeast Sirnak Province, Erdogan said, adding that the field is capable of producing more oil than any other Turkish field and will bolster the country's energy independence, according to TASS.

“Türkiye will no longer be a country which needs energy imports. We will become a state capable of supplying energy resources,” he proclaimed. The  Turkish leader even claimed that crude from the new field is already flowing to oil refineries.

Türkiye values energy independence and wants to diversify away from imports, which are used to cover nearly all of its domestic consumption. The country is currently highly reliant on oil and gas supplies from Russia, Azerbaijan, Iran, Nigeria, and Algeria, as well as on liquefied natural gas (LNG) imports from Qatar and the US.

In December, Erdogan revealed the discovery of an oilfield in Sirnak Province, with around 150 million barrels of reserves, and an estimated value of $12 billion.

Türkiye has considerably boosted its oil and gas ambitions over the past year. In January, the country sealed a long-term deal with Bulgaria, allowing the Balkan nation to gain access to Turkish LNG terminals.

In January, Ankara increased its estimate of the country’s natural gas reserves in the Black Sea. Energy Minister Fatih Donmez said at the time that current proven deposits would meet domestic demand for the next 30 years, while new discoveries in the Black Sea would extend this self-sufficiency in terms of gas supplies even longer.

For more stories on economy & finance visit RT's business section

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