Turkish President Recep Tayyip Erdoğan said the country discovered three new oil wells and opened them for production in the past month.
The finds will increase Turkey’s annual domestic output of crude to more than 61,000 barrels per day (bpd) on average this year, Erdoğan said in a speech in Istanbul on Thursday according to the state-run Anadolu news agency.
Turkey is seeking to increase local production of oil and natural gas to reduce reliance on imported fuels. The shortfall has led to current account deficits that need to be financed. Nearly all its consumption of oil and natural gas is sourced from imports.
U.S. crude oil production is expected to total 11.1 million bpd this year, Market Watch reported in January citing figures provided by the U.S. Energy Information Administration (EIA). Average production in Turkey was 54,400 bpd in 2018, according to the Turkish Petroleum and Natural Gas Platform Association (PETKAM).
“Along with the newly opened wells, we started to produce oil from wells where concrete was poured in, because apparently there was no oil there,” Erdoğan said.
Turkey consumed 1,004,791 barrels of oil per day in December 2019, according to global economic data provider CEIC.
#Turkey discovers oil in 3 new wells on land, after the discovery of 405 billion m3 of natural gas in the #BlackSea.
#Turkey’s President Erdogan:
Black small square”In addition to the new wells drilled, we started to produce oil from the wells that were previously called ‘no oil’ and poured concrete on it.
Black small square”We discovered oil in 3 new wells in just the last 1 month.”
Facebook Comments Box