Latest news with #AlparslanBayraktar
Yahoo
23-05-2025
- Business
- Yahoo
Türkiye announces estimated 6.1bbbl shale oil reserve
Turkiye's Energy Minister Alparslan Bayraktar has announced that US oil producer Continental Resources has estimated a shale oil reserve of around 6.1 billion barrels (bbbl) in the country's south-eastern Diyarbakir Basin, according to a Reuters report. This figure could position Türkiye in the global oil market above some OPEC countries. Bayraktar emphasised the importance of the discovery, considering Türkiye's current annual crude oil imports are approximately 365 million barrels (mbbl). Türkiye, which relies on imports for more than 90% of its energy needs, is actively seeking to reduce its import bill and enhance supply security through the development of domestic resources and international exploration partnerships. 'If confirmed, these reserves would elevate Türkiye above some OPEC members such as Congo or Gabon, and other major producers like the UK,' Bayraktar stated during a visit to Sirnak province. In March, Continental Resources and Turkish national oil company TPAO signed an agreement to develop shale fields in the Diyarbakır Basin. The Energy Minister previously described the March agreement as "a new era," indicating Türkiye's strategic focus on shale oil and gas discoveries. The country is aiming to commence shale gas production in the north-western Thrace region. Continental Resources has not provided comments on the estimation. The announcement comes shortly after President Tayyip Erdogan's revelation of a new 75 billion cubic metres (bcm) natural gas reserve found during drilling in the Black Sea. The country previously announced its largest-ever onshore oil discovery of 1bbbl of crude in Sirnak two years ahead of the presidential elections. The discovered oil had an API gravity of 41, indicating a lighter grade than Türkiye's existing production. In 2024, Türkiye's crude production stood at 127,000 barrels per day, with imports nearly reaching 1mbbl per day of oil and refined products. Data from the country's Energy Ministry and regulator revealed that discounted Russian oil and refined products constituted two-thirds of Türkiye's imports last year. "Türkiye announces estimated 6.1bbbl shale oil reserve" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
23-05-2025
- Business
- Yahoo
Türkiye, Syria agree to enhance energy infrastructure and supply
Türkiye has committed to supplying Syria with two billion cubic metres of natural gas annually, a move that is set to enhance the power generation capacity of the war-torn country. The announcement was made during a joint news conference in Damascus, where Türkiye's Energy Minister, Alparslan Bayraktar, and his Syrian counterpart Mohammad Al Bashir signed a cooperation agreement to strengthen their energy partnership. The gas exports from Turkey are expected to contribute to an additional 1,300MW of electricity production in Syria. Minister Bayraktar expressed Türkiye's intention to triple electricity exports to Syria, reaching up to 1,000MW in the coming months. This increase in energy supply is projected to extend power availability in Syria to up to 12 hours per day. The commencement of gas supply is scheduled for June, as the two nations focus on finalising the construction of a connecting gas pipeline. Minister Al Bashir stated: "This will significantly boost electricity generation, which will positively impact the Syrian people's electricity needs." The ministers also discussed the completion of a 400-kilovolt line that will facilitate the import of approximately 500MW of electricity into Syria. The infrastructure is expected to be operational by the end of the year or soon after. Moreover, the cooperation extends to inviting Turkish companies to invest in various sectors within Syria, including mining, phosphate production, electricity generation and distribution. Syria has been grappling with severe power shortages, with state-supplied electricity being limited to just a few hours a day in most areas. The country's energy crisis worsened after Hayat Tahrir Al Sham assumed control in December, disrupting the oil supply that was predominantly sourced from Iran for power generation. "Türkiye, Syria agree to enhance energy infrastructure and supply" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Arab News
23-05-2025
- Business
- Arab News
Turkiye to provide Syria with 2 billion cubic meters of gas annually
DAMASCUS: Turkiye will provide 2 billion cubic meters of natural gas to Syria each year, Turkish energy minister Alparslan Bayraktar said on Thursday. In a joint news conference with his Syrian counterpart in Damascus, Bayraktar said that Turkiye's gas exports to Syria will contribute to an additional 1,300 megawatts of electricity production in the country. Ankara, which supported rebel forces in neighboring Syria throughout the 13-year civil war that ended this month with the ousting of Bashar Assad, is now positioning itself to play a major role in Syria's reconstruction. Turkiye will also provide an additional 1,000 megawatts of electricity to neighboring Syria for its short term needs, he added. Syrian Energy Minister Mohammed Al-Bashir said they agreed to activate a gas pipeline that connects Syria with Turkiye, with gas flows expected in June. 'This will significantly boost electricity generation, which will positively impact the Syrian people's electricity needs,' Al-Bashir said. The two minister discussed completing a 400-kilovolt line that links the countries, contributing to importing around 500 megawatts of electricity into Syria, to be ready by the end of the year or shortly thereafter, he added. Cooperation also includes opening the door for Turkish companies to invest in mining, phosphate, electricity generation and electricity distribution in Syria. 'There is very intensive work underway regarding the discovery of new natural resources, whether gas or oil, on land or at sea,' Bayraktar said. (Reporting by Riham Alkousaa in Damascus and Huseyin Hayatsever in Ankara; Editing by Jonathan Spicer and Louise Heavens)
Al Arabiya
22-05-2025
- Business
- Al Arabiya
Turkey says increasing energy exports to Syria
Turkish Energy Minister Alparslan Bayraktar said Thursday in Damascus that his country would ramp up energy exports to Syria to help boost electricity supplies as its neighbor seeks to recover after years of war. 'We want to triple our current electricity exports to meet Syria's electricity needs and realize an electricity export of approximately 1,000 megawatts in the coming months,' said Bayraktar during a press conference with his Syrian counterpart Mohammad al-Bashir. 'In a very short time', Turkey also plans to start gas exports to Syria's Aleppo and Homs 'of approximately two billion cubic meters per year', Bayraktar said, after signing an agreement with Bashir on energy cooperation. The Turkish minister added that the exports would add 'an additional contribution of 1,200 or 1,300 megawatts' to Syria's electricity production. He expressed hope that the moves would help boost Syria's electricity supply to more than 10 hours a day. Bashir said the two sides agreed to activate a gas pipeline from Turkey to Syria in June. Earlier this month, the ministers said they had reached a deal for Turkey to supply Syria with six million cubic meters of natural gas a day through a pipeline running from Kilis in southern Turkey to Aleppo in northern Syria. Syria's new authorities, who toppled Bashar al-Assad in December, are seeking to rebuild the country's infrastructure and economy after almost 14 years of civil war. The conflict badly damaged Syria's power infrastructure, leading to cuts that can last for more than 20 hours a day. Bayraktar said that 'the framework agreement we signed together today in the field of energy and minerals and hydrocarbons constitutes an important roadmap'. Turkey is ready to develop projects to help improve Syrians' living conditions 'with our own companies - state companies, private companies and international partnerships', he added. Bashir said they had also agreed 'to form specialized technical committees' on energy to 'complete the agreement procedures' and follow up on implementation. Syria is seeking to attract investments, particularly after the United States and the European Union announced this month that they would lift economic sanctions. In March, Qatar said it had begun funding gas supplies to Syria from Jordan, in a move aimed at addressing electricity production shortages and improving infrastructure. Both Turkey and Qatar have close ties with Syria's new authorities and were the first two countries to reopen their embassies in Damascus after al-Assad's ouster.
Reuters
22-05-2025
- Business
- Reuters
Turkey to provide Syria with 2 billion cubic metres of gas annually
DAMASCUS, May 22 (Reuters) - Turkey will provide 2 billion cubic metres of natural gas to Syria each year, Turkish energy minister Alparslan Bayraktar said on Thursday. In a joint news conference with his Syrian counterpart in Damascus, Bayraktar said that Turkey's gas exports to Syria will contribute to an additional 1,300 megawatts of electricity production in the country. Ankara, which supported rebel forces in neighbouring Syria throughout the 13-year civil war that ended this month with the ousting of Bashar al-Assad, is now positioning itself to play a major role in Syria's reconstruction. Turkey will also provide an additional 1,000 megawatts of electricity to neighbouring Syria for its short term needs, he added. Syrian Energy Minister Mohammed al-Bashir said they agreed to activate a gas pipeline that connects Syria with Turkey, with gas flows expected in June. "This will significantly boost electricity generation, which will positively impact the Syrian people's electricity needs," al-Bashir said. The two minister discussed completing a 400-kilovolt line that links the countries, contributing to importing around 500 megawatts of electricity into Syria, to be ready by the end of the year or shortly thereafter, he added. Cooperation also includes opening the door for Turkish companies to invest in mining, phosphate, electricity generation and electricity distribution in Syria. "There is very intensive work underway regarding the discovery of new natural resources, whether gas or oil, on land or at sea," Bayraktar said.
