Oil discoveries in SE Turkey to add $700M to economy

Turkey discovered high-quality oil in the southeastern provinces of Siirt and Diyarbakir, which will contribute $700 million to the country's economy, according to Turkey's Energy and Natural Resources Minister Fatih Dönmez on Friday.

Dönmez said on his Twitter account that three wells, the Mermer-1 and Hançerli-5 fields in Diyarbakır, and the Demirkuyu-1 field in Siirt hold around 22.52 million barrels of reserve oil.

"Our high technology work with indigenous human resources has started to show results. With these discoveries, we will contribute about $700 million to our economy," he said.

The Mermer-1 well, Turkey's deepest production well at a depth of 3,700 meters is capable of producing 200 barrels of oil per day.

The Hançerli-5 well is capable of producing 910 barrels per day, and the Demirkuyu-1 well is capable of 450 barrels of production per day with a target of 1,000 barrels of output per day.