The Strategist

Turkey discovers large oil field worth $12B

12/13/2022 - 06:10

A 150 million barrel oil field has been discovered by Turkey in the Mount Gabar area of the southeast Turkish province of Şırnak. Turkish President Recep Tayyip Erdoğan made this announcement following a meeting of the Cabinet of Ministers. He estimates that the deposit is worth roughly $12 billion.

Paul Lowry
Paul Lowry
President said that Turkey has found 150 million barrels of net oil reserves in the area of Mount Gabar, with a reserve value of roughly $12 billion.

Mr. Erdogan made an announcement regarding Ankara's plans to expand oil production to 100,000 barrels per day on December 12.

The discovery of Çukurova field in the country's south was revealed by the Turkish President at the end of July. The oil reserves, according to the Turkish president, are worth $1 billion. Later, the Turkish Ministry of Energy and Natural Resources reported that 7.5–8.0 million barrels of oil had been discovered.