Turkey Aims for Oil and Gas Acquisition or Exploration Deal by Year-End, Targeting 1 Million Barrels Daily Output

【Turkey Aims for Oil and Gas Acquisition or Exploration Deal by Year-End, Targeting 1 Million Barrels Daily Output】

(1) Turkish Energy Minister Bayraktar said on Tuesday that Turkey may reach an agreement on acquisitions or further oil and gas exploration by year-end to achieve the goal of producing 1 million barrels of oil and natural gas per day.

(2) Speaking at the Turkish Energy Summit in Istanbul, Bayraktar stated that Turkey's current oil and gas production capacity is 300,000 barrels of oil equivalent per day; under existing plans, this will increase to 550,000 to 600,000 barrels of oil equivalent per day by 2028.

(3) To achieve the 1 million barrels per day target, Turkey's current output would need to more than triple; even reaching the 2028 planned level would still fall far short of the goal.

(4) Bayraktar's remarks indicate that Turkey is looking overseas, including Africa and Lebanon, to bridge the gap.

(5) He also said Turkey is exploring the possibility of electricity trade with Lebanon, while also expressing interest in oil and gas exploration there.