Bayraktar: Türkiye finds $4B oil reserve, boosts energy projects

Turkish Energy Minister Alparslan Bayraktar announced the discovery of 57 million barrels of oil in 2024, valued at $4 billion.

Four major fields in Diyarbakır alone hold an estimated 350 million barrels, with unconventional drilling methods planned.

Türkiye will begin natural gas exports to Syria via Kilis this weekend in cooperation with Azerbaijan, aiming to expand Syria's daily electricity supply from 3–4 hours to 10.

In the Black Sea, the Osman Gazi floating gas platform will launch in 2026, doubling Türkiye's offshore gas output to supply 8 million households.

Türkiye is also pushing forward in nuclear energy, with the Akkuyu plant's first reactor 95% complete and expected online in 2026. Talks for additional reactors in Sinop and Thrace are ongoing, alongside plans for Small Modular Reactors (SMRs).

Bayraktar stressed the importance of renewables and energy efficiency, noting plans for 10,000 MW of new solar and wind capacity in 2025.

Meanwhile, two new deep-sea drilling ships joined Türkiye's fleet, enabling operations in the Black Sea, Mediterranean, and potentially Somalia and Libya.

Bayraktar also confirmed that Iraq-Türkiye oil pipeline negotiations are ongoing, aiming to fully utilize its 1.5 million barrels/day capacity.

In total, Türkiye has provided ₺900 billion in energy subsidies over the past two years, with support continuing for average consumers but reduced for high-usage households.