President Recep Tayyip Erdogan (R) meets with the presidents of Turkmenistan and Azerbaijan during a trilateral summit on December 14, 2022, in Awaza, Turkmenistan. (Photo via AFP, Turkish Presidential Press Office)
Erdogan requests that work begins on exporting Turkmen gas to Western markets.
NATURAL-GAS
President Recep Tayyip Erdogan announced on Monday that Turkey discovered $12 billion worth of oil reserves in a mountain in the southeast, amounting to 150 million barrels net.
"We discovered net oil reserves of 150 million barrels in Gabar Mountain. It is one of the top ten discoveries made on land in 2022. The value of the reserves is approximately $12 billion "After a Cabinet meeting in the capital Ankara, Erdogan said the following.
"We produce 5,000 barrels of oil per day from four wells in this extremely high-quality oil-producing region," he added.
Erdoan stated that the Turkish Petroleum Corporation's (TPAO) daily production has increased from approximately 40,000 barrels five years ago to 65,000 barrels today.
He added that Ankara intends to increase its daily production to 100,000 barrels in time for the 100th anniversary of the Republic of Turkey by increasing seismic research, drilling, and productivity-enhancing techniques.
"During the pandemic, when many oil and natural gas companies gave up, Turkish Petroleum accelerated its exploration and production activities. With 34 additional discoveries in 2021 alone, we increased our current reserve by 71 million barrels "Erdoğan said.
In the meantime, Turkey is preparing to begin exporting the natural gas it discovered in the Black Sea.
Work on the gas reserve discovered in the Sakarya field, which is located offshore the northern province of Zonguldak, has been expedited as the energy-dependent nation strives to meet its future needs.
The field is expected to contain approximately 540 billion cubic meters (bcm) of gas that has been gradually discovered since August 2020. As early as March 2023, Turkey plans to begin pumping the gas into its main grid.
Turkey plans to transfer 10 million cubic meters (mcm) of natural gas per day beginning in the first quarter of 2019, and President Erdogan has stated that production will reach its peak in 2026.
Turkey is almost entirely reliant on imports to meet its energy needs, leaving it vulnerable to soaring costs following Russia's invasion of Ukraine, while domestic demand has increased since the coronavirus pandemic.
According to official data, Turkey's annual gas consumption rose from 48 bcm in 2020 to a record 60 bcm in 2021 and is expected to reach 62 bcm to 63 bcm this year.
Last year, 45 percent of Turkey's gas consumption came from Russia, with the remainder coming from Iran and Azerbaijan.
