Turkey Eyes Acquisitions and New Fields to Pursue 1 Million Barrel Daily Output Goal

Istanbul, Turkey. Energy Minister Alparslan Bayraktar said on Tuesday that Ankara could conclude agreements for acquisitions or additional hydrocarbon exploration before the end of the year. The aim is to reach daily production of 1 million barrels of oil and natural gas.

A wide gap to the target

Speaking at the Turkey Energy Summit in Istanbul, Bayraktar said Turkey’s production capacity stands at 300,000 barrels of oil equivalent. According to present plans, it would rise to between 550,000 and 600,000 by 2028. Hitting the goal would require more than tripling current output, and even the 2028 figure would fall well short of it. His remarks indicate that Ankara is looking abroad, including to Africa and Lebanon, to close the gap.

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Deals and partnerships abroad

The minister said the government may purchase companies and will keep forming partnerships. “There may be new fields, new countries, it could be Africa.” He added that Turkey wants to reach the 1 million barrel mark through such steps.

The state-owned upstream company TPAO has signed agreements for offshore hydrocarbon exploration in Libya and Pakistan. It has also acquired a stake in Iraq’s Kirkuk oilfield. Turkey also has an offshore exploration agreement with Somalia and has been conducting operations in that region.

Interest in Lebanon

Bayraktar said Turkey is also examining the possibility of electricity trade with Lebanon, and is interested in hydrocarbon exploration there as well. He said Turkey can now search for natural gas and oil using its own vessels and has a very strong fleet, which explains its move toward Lebanon. “We are interested in Lebanon’s offshore.”

Europe as a customer

The minister added that several European countries have offered to purchase natural gas from Turkey, having decided to halt energy trade with Russia over its invasion of Ukraine. He said Turkey could serve as an alternative route for Europe while also developing into an energy centre in its own right.