Turkey Targets 1M Barrels Daily with Hydrocarbon Acquisitions

Turkey is preparing to secure corporate acquisitions and further offshore exploration agreements by the end of the year as part of a strategic target to produce 1 million barrels of oil and natural gas per day, Energy Minister Alparslan Bayraktar has announced.

Speaking at the Turkey Energy Summit in Istanbul, in comments reported by Reuters and MarineLink, Bayraktar said the country currently maintains an upstream production capacity of 300,000 barrels of oil equivalent (boe). While current medium-term planning forecasts domestic and international output rising to between 550,000 and 600,000 boe per day by 2028, reaching the ultimate 1 million barrel mark will require substantial overseas asset additions.

"There may be more news, good news by the end of the year. We may buy, acquire companies. We are making partnerships and will continue to do so. There may be new fields, new countries, it could be Africa. Therefore, we want to reach that 1 million barrel target with these," Bayraktar told delegates at the summit.

Overseas Footprint and Upstream Deals

To bridge the gap between Turkey's planned 2028 operational plateau and its 1 million barrel headline target, state-owned upstream operator TPAO (Türkiye Petrolleri Anonim Ortaklığı) has been expanding its international portfolio across the Middle East, Africa, and South Asia.

TPAO has already entered into agreements covering offshore hydrocarbon exploration in Libya and Pakistan, alongside securing a working equity stake in Iraq's Kirkuk oilfield. Additionally, Ankara holds an active offshore exploration agreement with Somalia, where operational activities have already been conducted in regional waters.

Bayraktar indicated that Ankara intends to leverage both direct company buyouts and new joint ventures in overseas jurisdictions to accelerate volume growth, pointing specifically towards potential opportunities across Africa and the Eastern Mediterranean basin to support state supply targets.

Offshore Fleet and European Gas Transit

In addition to prospective African ventures, Turkey is looking towards exploration prospects in Lebanon. Bayraktar noted that Ankara is evaluating potential cross-border electricity trade alongside offshore hydrocarbon licensing opportunities off the Lebanese coast.

"Turkey has become a country that can explore for natural gas, oil with its own ships. We have a very strong fleet. This is why we're now going to Lebanon ... We are interested in Lebanon's offshore," Bayraktar said, highlighting the role of Turkey’s national maritime exploration fleet in driving offshore activities.

Beyond upstream extraction, the minister addressed Turkey's position within wider regional commodity trade flows. According to Bayraktar, multiple European nations have approached Turkey with offers to purchase natural gas following their decisions to halt Russian energy imports in response to the invasion of Ukraine.

Bayraktar concluded that Turkey is positioned to serve as an alternative energy transit route into the European market while simultaneously advancing its long-term objective of establishing the country as a regional energy centre.