Business · Energy & Commodities · 11 hrs ago
Turkey weighs acquisitions to expand oil and gas exploration
Turkey is considering buying energy companies and expanding exploration to increase its oil and gas production.
Energy Minister Alparslan Bayraktar said the country could announce deals by the end of the year, including in Africa and Lebanon.
Turkey currently has production capacity of 300,000 barrels of oil equivalent a day, and plans to raise it to 550,000–600,000 by 2028.
Its target is one million barrels a day, so even the planned 2028 level would fall short.
The state-owned Turkish Petroleum Corporation has exploration agreements in Libya and Pakistan, a stake in an Iraqi oil field, and offshore operations in Somalia.
Turkey is also interested in exploring offshore Lebanon, where it is considering electricity trade as well.
Bayraktar said some European countries have offered to buy Turkish natural gas after deciding to stop energy trade with Russia, and Turkey could become an alternative route for Europe.
Turkey may make acquisitions or continue hydrocarbon exploration by the end of the year, Energy Minister Alparslan Bayraktar said.
The plans support a goal of producing one million barrels of oil and natural gas a day.
Turkey has production capacity of 300,000 barrels of oil equivalent, which is expected to rise to between 550,000 and 600,000 barrels by 2028.
Bayraktar said Turkey is looking beyond its borders, including to Africa and Lebanon, to help expand exploration.
- Who
- Turkey, represented by Energy Minister Alparslan Bayraktar.
- What
- Turkey may acquire companies or pursue further hydrocarbon exploration to help reach a production goal of one million barrels a day.
- When
- Bayraktar made the comments on Tuesday; possible deals or exploration steps may come by the end of the year.
- Where
- He spoke at the Turkish Energy Summit in Istanbul. Turkey is also looking at opportunities abroad, including in Africa and Lebanon.
- Why
- Turkey aims to raise oil and natural gas production to one million barrels a day.
This story does not have two clearly opposing sides.
Turkish Petroleum signed offshore hydrocarbon exploration agreements in Libya and Pakistan, and bought a stake in Iraq's Kirkuk oil field.
Turkey signed an agreement to explore offshore resources in Somalia and is operating in the area.
Bayraktar outlined possible acquisitions, partnerships and further exploration at the Turkish Energy Summit in Istanbul.
- Production goal
- 1 million barrels of oil and natural gas a day
- Current production capacity
- 300,000 barrels of oil equivalent
- Expected capacity by 2028
- 550,000 to 600,000 barrels
- Possible timing
- By the end of the year
- Exploration interests
- Africa and Lebanon
What people are saying
There may be more news, good news by the end of the year. We may buy or acquire companies. We are working to establish partnerships and will continue to do so. There may be new fields, new countries, and it may be Africa. Therefore, we want to reach the one million barrels target through these steps.
Turkey has become a country capable of exploring for natural gas and oil using its own ships. We have a very strong fleet. That is why we are now turning to Lebanon... We are interested in Lebanese offshore areas.