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Türkiye may reach agreements to make acquisitions or further explore for hydrocarbons by the end of the year as part of its target to produce 1 million barrels of oil and natural gas a day, Energy Minister Alparslan Bayraktar said yesterday.
Speaking at the Turkey Energy Summit in Istanbul, Bayraktar said Turkey had a production capacity of 300,000 barrels of oil equivalent, adding that the current planning had this reaching 550,000 to 600,000 by 2028.
Reaching the target would mean more than tripling Türkiye’s current output, and even the level planned for 2028 would leave it well short. Bayraktar’s comments show Ankara is looking abroad, to Africa, Lebanon and elsewhere, to close the gap. Türkiye has signed deal for offshore hydrocarbon exploration in Libya and Pakistan.
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