Türkiye’s oil discovery offers potential solution to current account deficit
Oil region located in the province of Sirnak, Türkiye, AA Photos
Türkiye’s longstanding challenge with its current account deficit might find relief with the recent developments in its energy sector. With a heavy dependence on foreign energy sources contributing to its economic woes, Türkiye is eyeing a significant boost from the Gabar region’s oil reservoirs.
Where is Gabar oil?
Situated near Türkiye’s borders with Iraq and Syria, Gabar Mountain, in the Sirnak province, has emerged as a crucial focal point in the nation’s energy strategy. Named after Aybuke Yalcin, a music teacher killed by the PKK terrorist organization, the oil field in the region holds promise for Türkiye’s economic revitalization.
Turkish Petroleum Corporation (TPAO) spearheads the ambitious project, aiming to ramp up production to 100,000 barrels per day from 100 wells by the year’s end. Currently, the region yields 44,000 barrels daily, with plans to nearly triple production. At the prevailing market rate of $8 per barrel, the daily extraction is projected to contribute $3 billion to Türkiye’s economy.
Gabar’s potential extends beyond immediate gains. In December 2022, the discovery of the Sehit Esma Cevik field added further impetus to Türkiye’s energy aspirations. With a net reserve of 150 million barrels and a daily production capacity of 25,000 barrels, the field underscores the region’s significance in addressing Türkiye’s energy needs.
The flagship Sehit Aybuke Yalcin field boasts a substantial reserve of approximately 1 billion barrels, symbolizing a cornerstone in Türkiye’s quest for energy independence.
Istanbul Chamber of Industry delegation in the oil region. (IHA Photos)
Industrialists across Türkiye cooperate
Industry stakeholders across Türkiye are rallying behind these developments. Recently, a delegation comprising members of the Istanbul Chamber of Industry (ICI) Board of Directors and Assembly visited the region as part of the Sirnak-Hakkari Assembly Travel program. Engaging with local authorities and chambers of commerce, the delegation explored avenues for collaboration and investment in the burgeoning energy sector.
The visit included insightful discussions and site visits to the Gabar Oil Wells Region, fostering partnerships between local and national entities. Joint meetings with Sirnak Chamber of Commerce and Industry, Hakkari Chamber of Commerce and Industry, and Yuksekova Chamber of Commerce and Industry emphasized the collective commitment to leverage Gabar’s potential for sustainable economic growth.
As Türkiye navigates its energy landscape, Gabar’s emergence as a vital resource holds promise not only for addressing immediate economic challenges but also for shaping the nation’s long-term energy strategy.
