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  • 13-12-22

    Turkey’s leader announces discovery of 150M barrels of oil reserves

    (MENAFN) Turkey founds 150 million barrels of net oil reserves in a southeastern mountain, with a value of USD12 billion, leader Recep Tayyip Erdogan declared on Monday.

    "We discovered 150 million barrels of net oil reserves in Gabar Mountain. It is one of the top 10 onshore discoveries in 2022. The reserve value is approximately 12 billion dollars," Erdogan stated following the Cabinet gathering in the capital Ankara.

    "We produce 5,000 barrels (of oil) per day in four wells in this region, which has a very high oil quality," he also mentioned.

    Erdogan stated that the day to day output of the Turkish Petroleum Corporation, which was nearly at 40,000 barrels in 2017, has currently surged to 65,000 barrels.

    Ankara targets to surge its day to day output to 100,000 barrels in the centennial of the Republic of Turkey, with additional seismic research, additional drilling, as well as productivity-enhancing procedures, he also stated.

    Erdogan stated that "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."

    MENAFN13122022000045014228ID1105302286

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