Turkey eyes offshore gas and oil in Africa and Lebanon to boost production Turkey may announce new acquisitions or agreements to expand hydrocarbon exploration by the end of the year as it pursues a target of producing 1 million barrels of oil and natural gas per day, Energy Minister Al Farslan Bayeraktar said on Tuesday. Speaking at the Turkey Energy Summit in Istanbul, Bayerkat said the country currently has a production capacity of 300,000 barrels of oil equivalent per day, with plans to increase that figure to between 550,000 and 600,000 by 2028. Reaching the 1 million barrel target would require Turkey to more than triple its current output, while even its projected production for 2028 would fall short of the target. That's why Ankara is looking to expand its activities abroad, including in Africa and Lebanon, to bridge the gap. "There may be more news, good news by the end of the year. We may buy, acquire companies. We create partnerships and will continue to do so. Maybe there are new areas, new countries, it could be Africa. Therefore, we want to reach the goal of one million barrels with these," he said. Bairqtar said that Turkey is also exploring opportunities for electricity trade with Lebanon while seeking to expand its hydrocarbon exploration activities in the country. "Turkey has become a country that can search for natural gas, oil with its own ships. We have a very strong fleet. This is why we are now traveling to Lebanon, we are interested in Lebanon from the coast," he said.

Turkey eyes offshore gas and oil in Africa and Lebanon to boost production Turkey may announce new acquisitions or agreements to expand hydrocarbon exploration by the end of the year as it pursues a target of producing 1 million barrels of oil and natural gas per day, Energy Minister Al Farslan Bayeraktar said on Tuesday. Speaking at the Turkey Energy Summit in Istanbul, Bayerkat said the country currently has a production capacity of 300,000 barrels of oil equivalent per day, with plans to increase that figure to between 550,000 and 600,000 by 2028. Reaching the 1 million barrel target would require Turkey to more than triple its current output, while even its projected production for 2028 would fall short of the target. That's why Ankara is looking to expand its activities abroad, including in Africa and Lebanon, to bridge the gap. "There may be more news, good news by the end of the year. We may buy, acquire companies. We create partnerships and will continue to do so. Maybe there are new areas, new countries, it could be Africa. Therefore, we want to reach the goal of one million barrels with these," he said. Bairqtar said that Turkey is also exploring opportunities for electricity trade with Lebanon while seeking to expand its hydrocarbon exploration activities in the country. "Turkey has become a country that can search for natural gas, oil with its own ships. We have a very strong fleet. This is why we are now traveling to Lebanon, we are interested in Lebanon from the coast," he said.