Türkiye discovers 150M barrels of oil reserves worth $12B: Erdogan

Türkiye discovered 150 million barrels of net oil reserves in a southeastern mountain, valued at $12 billion, President Recep Tayyip Erdogan has announced.

"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 said after the Cabinet meeting in the capital Ankara on Monday.

Stating that Türkiye has intensified its oil exploration activities on land, Erdogan said that oil production has started from the wells where concrete was once poured before because it was believed that there was no oil, and from the regions that had to be abandoned due to terrorism. 

Ankara aims to increase its daily production to 100,000 barrels in the centennial of the Republic of Türkiye, with more seismic research, more drilling, and productivity-enhancing methods, he added.

The region where the new discovery of oil reserves is made has been named after Gendarmerie Esma Cevik, who was martyred in the mine clearance work on Gabar Mountain.

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