Turkey has discovered about 135 million barrels of oil in two new fields in the southeast of the country.
Turkish President Recep Tayyip Erdogan announced this, Hürriyet Daily News reports.
Recall that this country is one of the main buyers of "black gold" from Russia.
According to Erdogan, production at the new Gaciler and Cardakli fields began back in October. Their development should help Turkey increase daily oil production in the Gabar region to more than 100,000 barrels in the second half of 2027.
135 million barrels is a preliminary estimate of the total volume of oil in the subsurface. It does not mean that all of this resource can be extracted.
The Turkish authorities have not yet published an estimate of the recoverable reserves of the new fields, nor individual production figures for each of them.
The theoretical value of 135 million barrels is approximately 12.4 billion dollars.
Currently, in the Gabar region, located in Şırnak province, 184 wells are operating, providing extraction of about 84,000 barrels of oil per day. This is approximately 8% of Turkey's total oil consumption.
“Thanks to work on developing the fields in Gabar and the commissioning of new wells, daily oil production in the region will increase by 30%,” Erdogan noted.
In the second half of 2027, the number of active wells in the region will increase to approximately 230.
Turkey's Minister of Energy and Natural Resources Alparslan Bayraktar confirmed the discovery of fields and production figures. He linked the expansion of oil production to the implementation of the national energy strategy through 2040 and the country's aspiration to achieve energy independence.
Earlier, Fitch raised its forecast for the Brent oil price for 2027.
Oil may remain more expensive than expected — even against the backdrop of a projected surplus on the global market. The international rating agency Fitch Ratings raised its forecast for the average Brent price for 2027 from $65 to $70 per barrel, and for WTI — from $60 to $65. At the same time, Fitch left its forecast for the cost of Brent for 2026 unchanged — at the level of $87 per barrel. Fitch Ratings
What will happen to the oil market in 2027
Despite the expected surplus, Fitch raised its Brent price forecast for 2027. The reason was the inclusion of a geopolitical risk premium.
“We continue to expect that in the fourth quarter of 2026 a supply surplus will emerge on the global oil market, which will put pressure on prices. However, we have slightly raised our Brent forecast for 2027 to account for a geopolitical risk premium. This decision reflects uncertainty regarding the timing of a settlement of the conflict (our new forecast assumes this will happen in the first quarter of 2027) and the risk of further escalation, which is likely to be limited in nature,” the Fitch review says.