Türkiye Pushes For Further Hydrocarbon Exploration by Year’s End

Turkey may reach agreements to make acquisitions or further explore for hydrocarbons by the end of the year as part of its target to produce 1 million barrels of oil and natural gas a day, Energy Minister Alparslan Bayraktar said on Tuesday.

Speaking at the Turkey Energy Summit in Istanbul, Bayraktar said Turkey had a production capacity of 300,000 barrels of oil equivalent, adding that the current planning had this reaching 550,000 to 600,000 by 2028

Reaching the target would mean more than tripling Turkey's current output, and even the level planned for 2028 would leave it well short. Bayraktar's comments show Ankara is looking abroad, to Africa, Lebanon and elsewhere, to close the gap

"There may be more news, good news by the end of the year. We may buy, acquire companies. We are making partnerships and will continue to do so. There may be new fields, new countries, it could be Africa. Therefore, we want to reach that 1 million barrel target with these," he said

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