01/03/2024
Turkey aims for energy independence with planned increase in oil production
Turkey is poised to significantly increase its oil production, which could reach 100,000 barrels per day (bpd) or 5 million bpd by the end of 2024. Currently, the state-owned oil company, Turkish Petroleum ( TPAO), has already drilled 28 production wells, notably in the province of Shirnak. In December, Turkey's national oil production stood at 33,000 bpd.
This increase in production is part of Turkey's strategic objective of achieving energy independence. President Recep Erdogan has made increasing production one of his main election commitments.
One of the critical sites contributing to this increase is that of the Gabar Mountains, whose reserves reach 150 million barrels. The production capacity of the field is estimated at 100,000 bpd, subject to the drilling of more than 100 additional wells. Initially planned for 2023, this operational capacity should be achieved by the end of 2024.
Meanwhile, Turkey's daily oil consumption remains at 1 million barrels or 50 million tonnes per year, underscoring the importance of the planned increase in production for the country's energy security.
