Minister Bayraktar: Turkey Will Produce Its Own Gas and Oil by 2040

Minister of Energy and Natural Resources Alparslan Bayraktar stated in remarks made within the scope of COP 31 that Turkey will become fully self-sufficient in its gas and oil by the year 2040.

Minister of Energy and Natural Resources Alparslan Bayraktar made statements regarding Turkey's energy targets on CNN Türk screens in Antalya within the scope of COP 31. Noting that Turkey will become self-sufficient in gas and oil by the year 2040, Minister Bayraktar stated that they presented this new vision to the global public.

Touching upon nuclear energy projects in his speech, Bayraktar pointed out the importance of the 35 percent electrification target by 2035. Conveying that the construction of four reactors is ongoing in Akkuyu and that the first reactor is targeted to be commissioned in the coming weeks, Bayraktar stated that 10,000 megawatts of nuclear capacity will be reached by 2040 and 20,000 megawatts by 2050. Stating that negotiations continue with Canada and South Korea for the Sinop and Thrace projects as well as small modular reactors, Bayraktar added that work is underway to secure $30-40 billion in financing within the scope of climate finance.

Also touching upon domestic oil and natural gas exploration activities, Bayraktar announced that daily production will rise to hundreds of thousands of barrels with new discoveries in Gabar, and that there are 130 million barrels of reserves valued at $13-14 billion with discoveries in Mardin and Şırnak. Stating that production in the Sakarya gas field will double to meet the needs of 8 million homes, Bayraktar noted regarding the electricity problem on the Island of Cyprus that it is planned to transport renewable energy from Turkey, but the project has reached an impasse due to vetoes by Greece and the Greek Cypriot Administration. He also warned that potential new attacks against Iran could trigger a supply crisis and leave the world facing a new energy crisis.