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 $12B, President Recep Tayyip Erdogan says

Oil reserves at southeastern Gabar Mountain, one of the top 10 onshore discoveries in 2022, Turkish President Recep Tayyip Erdogan says.

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.

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.

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