A new reserve announcement or a harbinger of new price hikes? Energy Minister Alparslan Bayraktar makes statement on oil and natural gas

Minister of Energy and Natural Resources Alparslan Bayraktar shared the latest developments in the field of oil and natural gas with the public. Minister Bayraktar announced that a total of 57 million barrels of oil reserves have been identified in different regions of Turkey this year, and that this reserve is worth approximately 4 billion dollars.

However, instead of being met with joy, this announcement has sparked concerns among the public. This is because the price hikes in energy that followed every previous "reserve announcement" remain fresh in the citizens' memories. For this reason, the new reserve announcement was met with questions on social media such as, "Are price hikes coming again?"

According to the information provided by Bayraktar, there is significant potential in the Diyarbakır region in the field of shale oil and shale gas. Analyses have determined that there is a potential for a reserve of 4 to 6 million barrels. 

It was stated that work in this area is ongoing and that production will begin if the potential is confirmed.

BLACK SEA GAS WILL BE ENOUGH FOR 8 MILLION HOUSEHOLDS

Minister Bayraktar also shared current information regarding natural gas projects being carried out in the Black Sea. According to Bayraktar, with the completion of the second phase of the Sakarya Gas Field project in the Black Sea next year, the natural gas produced will reach a capacity capable of meeting the annual needs of approximately 8 million households.