About 150 million barrels of net oil reserves have been discovered in Gabar mountain in Sirnak province in southeastern Turkey, President Recep Tayyip Erdogan announced on Monday after a meeting with his cabinet of ministers. The discovery, considered one of the ten greatest Earth discoveries of 2022, is worth about $12 billion, the president said.
“We produce 5,000 barrels per day in four wells in this region, which has a very high quality of oilnoted Erdogan, quoted by Anadolu Agency.
“As many oil and gas companies threw in the towel during the pandemic, Turkish Petroleum accelerated its exploration and production activities. With 34 additional discoveries in 2021 alone, we have added an additional 71 million barrels to our current reserve,” he added.
West blames Turkey for oil delivery delays – FT
Turkey plans to increase its oil production to 100,000 barrels per day, expanding seismic research, drilling and other productivity-enhancing developments, Erdogan revealed.
The discovery comes less than a month after Türkiye reportedly demanded a price cut of more than 25% on natural gas supplies from Russia, which supplies around 44% of Ankara’s gas. The two countries are increasingly working together on energy supply and distribution, particularly following the attack on the Nord Stream gas pipelines in the Black Sea.
Last week, the Financial Times reported that Western officials held Turkey responsible for disrupting oil shipments from the Black Sea, after Ankara blocked 22 oil tankers carrying crude from passing through its territorial waters, citing insurance issues. The ships were grounded days after the EU, G7 countries and Australia imposed a $60-a-barrel price cap on Russian marine crude exports.
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