Türkiye announces discovery of oil fields with reserves of 135 million barrels

Two new oil fields with combined reserves of 135 million barrels have been discovered in the Gabar area of Şırnak Province in southeastern Türkiye, Turkish President Recep Tayyip Erdoğan said at a press conference following a Cabinet meeting.

Report quotes the Turkish leader as saying natural gas produced in the Black Sea currently meets the needs of four million households in the country. Erdoğan added that the floating production platform Osman Gazi is expected to double this figure.

He noted that with approximately 230 wells scheduled to become operational in the region in the second half of 2027, daily oil production is expected to exceed 100,000 barrels, generating $4.4 billion annually for the country's economy.