President Recep Tayyip Erdoğan addressed journalists on his return from the Gulf tour, which included visits to Saudi Arabia, Qatar, the United Arab Emirates, and the Turkish Republic of Northern Cyprus. During his statements, he discussed various topics related to the country's oil and gas reserves and their impact on the economy.
Regarding the oil in Gabar, President Erdoğan clarified that the extraction phase has begun, but the revenues are yet to be realized. He expressed hope that once the oil revenue starts contributing to the state treasury, it will be used in a manner that best benefits the citizens.
In August 2020, Türkiye discovered gas reserves in the Black Sea. By April 2023, ten wells were commissioned as part of Phase-1, enabling the usage of Black Sea gas in homes. President Erdoğan mentioned that during April, natural gas was provided free of charge for one month, equivalent to 25 cubic meters for one year. He emphasized that integrating Gabar oil into the system would further benefit the citizens, although it would take time for the oil to become available as fuel.
To utilize the resources from Gabar oil and Black Sea gas, President Erdoğan cited the Norwegian model as an inspiration for establishing the Family and Youth Bank. This bank will reserve funds generated from these resources, and families and young people will benefit from these reserves, providing additional support to citizens.
The positive impact of Gabar oil on the economy is expected to begin in 2024. The current daily production is around 12-13 thousand barrels, and the plan is to reach 100 thousand barrels per day by the end of 2024, effectively doubling Türkiye's oil production. The commissioning of around 100 wells is scheduled for this purpose, with significant efforts being directed towards drilling in Türkiye and surrounding countries, despite the challenging mountainous terrain.
In conclusion, President Erdoğan expressed optimism about the potential benefits of Gabar oil and Black Sea gas on the country's economy, with plans in place to utilize these resources in a manner that will positively impact the lives of Turkish citizens in various ways.
