Türkiye Expands Global Oil and Gas Exploration Efforts

By Bakhtiyar Khasanov

October 9, 2024 09:25

Reuters

Türkiye is ramping up its global oil and natural gas exploration activities, with a focus on establishing partnerships in various regions, according to Energy Minister Alparslan Bayraktar. Speaking to journalists in Ankara, Bayraktar highlighted key areas of interest, including Somalia and Iraq.

One major initiative is the deployment of the Oruç Reis seismic research vessel to Somalia, marking what Bayraktar described as a "historic era" for Türkiye’s energy strategy. He also noted the country's ongoing efforts in Iraq, where Türkiye currently holds partnerships in three oil fields in the northern region. Plans are underway to expand these partnerships and explore opportunities in Iraq's Basra region as well as Libya.

In addition to these ventures, Türkiye has signed a memorandum of understanding with Sao Tome and Principe to enhance energy cooperation. This agreement could lead to future oil and gas exploration in the African island nation.

Domestically, Türkiye has been investing in liquefied natural gas (LNG) infrastructure to bolster its energy supply. The development of LNG terminals and floating storage and regasification units (FSRU) aligns with the country’s strategy to diversify its energy sources. Türkiye now has the capacity to supply half of its natural gas needs through LNG, thanks to recent long-term agreements.

Addressing concerns about regional tensions, particularly between Iran and Israel, Bayraktar acknowledged that while Türkiye does not trade oil or petroleum products with Iran, it imports around 7-8 billion cubic meters of natural gas annually from the country, which accounts for roughly 15% of its needs. Any disruption to the pipelines could affect Türkiye's supply, but Bayraktar emphasized that diversification efforts have positioned the country to mitigate such risks.

These moves are part of Türkiye's broader "National Energy and Mining Policy," launched in 2016 to reduce reliance on foreign energy. Domestic oil production has also seen growth, reaching around 110,000 barrels per day from public and private companies.

With expanding international partnerships and infrastructure investments, Türkiye is taking significant steps toward energy security and independence.