Will there be a price hike for natural gas and electricity? Minister Bayraktar answers the question on everyone's mind

Minister of Energy and Natural Resources Alparslan Bayraktar stated that Turkey will enter a new era in the energy sector in 2026, noting that they are preparing for international cooperation and a strategic shift in the oil and natural gas fields. Minister Bayraktar emphasized that with the increasing capacity in energy production, the country will take on a more active role in outward-looking projects.

Following successful production results in land and sea fields, it was stated that Turkey's energy production targets will see a significant increase, particularly due to activities in the Black Sea and Gabar regions. Bayraktar noted that with the investments made, efforts are underway to reach a daily oil production of 500 thousand barrels by 2028 and to increase this amount to 1 million barrels in the future.

The Minister of Energy pointed out that the agreement reached with Exxon is the beginning of a new era, stating that partnerships with international companies such as Chevron are also on the agenda for the upcoming period. In addition, he expressed that plans are in place to strengthen Turkey's position in the energy sector through company acquisitions and mergers.

ENERGY INVESTMENTS IN LIBYA AND SOMALIA

Minister Bayraktar said that 2026 will be a critical year for energy cooperation between Libya and Turkey. Stating that they are preparing for active participation in the licensing tender to be held in Libya in February, Bayraktar indicated that they will be involved in both offshore and onshore projects. Furthermore, the goal is to increase collaborations by including international partners in existing projects.

On the other hand, it was announced that drilling activities will begin in three different offshore fields in Somalia as of 2026. Stating that the first drilling will be carried out in April, Bayraktar said that the newly added drilling ships in the fleet will be used in these activities.

Touching upon technical cooperation with Syria, Bayraktar stated that the electricity supply in Northern Syria has been increased and that an additional capacity of 500 megawatts will be provided with the commissioning of the Aleppo line in 2026. He also noted that natural gas from Azerbaijan is being delivered to Syria and that this gas is used both in residences and for electricity generation in the region.

ARE PRICE HIKES COMING FOR NATURAL GAS AND ELECTRICITY?

Clarifying expectations regarding energy prices, Bayraktar emphasized that no price increases are planned for next month, stating, "Our support program continues. The 400 billion lira support is ongoing. There is no price hike for natural gas and electricity in February."

Stating that record investments are also targeted in the field of renewable energy, Minister Bayraktar added that 2026 will be an important turning point for the sector in terms of both natural gas and alternative energy sources.