Turkey has identified several countries and regions for potential energy exploration, as noted by the minister. He mentioned that one of these countries is Somalia and expressed the intention to engage in various projects in Iraq.
The minister indicated that the launch of the Oruç Reis seismic research vessel to Somalia for oil and gas exploration signifies the beginning of a “historic era” for Turkey. He shared that Turkey currently has partnerships in three oil fields in Northern Iraq, with plans to expand its involvement, particularly in Iraq’s Basra region and Libya.
He recalled that Turkey had recently signed a memorandum of understanding with São Tomé and Príncipe to enhance energy cooperation between the two nations and mentioned the possibility of exploring oil and natural gas in São Tomé and Príncipe as well.
In addition to pipeline projects, he pointed out that Turkey has been developing liquefied natural gas (LNG) terminals and floating storage and regasification units (FSRUs) in recent years to facilitate LNG supply. He explained that recent long-term LNG supply agreements are part of a broader strategy for supply diversification, emphasizing that Turkey can meet half of its gas needs through LNG transported by vessels.
He described this effort as one aspect of their diversification strategy, highlighting the importance of enhancing the capacity and volume of storage facilities. He reported that Turkey’s current storage capacity stands at 5.8 billion cubic meters and that they are quickly filling these as winter approaches, aiming to enter the season with fully stocked facilities.
The minister also commented on the potential impact of rising tensions between Iran and Israel on Turkey’s energy supply security. He explained that while Turkey does not engage in oil and petroleum product trade with Iran, it imports 7-8 billion cubic meters of natural gas annually from the country, which accounts for about 15% of Turkey’s total demand. He cautioned that disruptions to natural gas pipelines or infrastructure could affect Turkey’s supply.
He emphasized that the primary strategy is to diversify energy sources and that significant investments have been made in infrastructure to broaden energy supply rather than relying on a single country or a limited number of countries.
He also noted that the government has intensified efforts to reduce Turkey’s dependence on foreign oil and natural gas since the announcement of the “National Energy and Mining Policy” in 2016, mentioning that daily oil production from public and private companies in Turkey has reached approximately 110,000 barrels.
Finally, he mentioned plans to travel to Russia for an international gas conference, where he indicated that Turkey may establish new agreements with existing suppliers.
