Turkiye finds 2 new oil fields near Iraq, 135 million barrels

President of Turkiye Recep Tayyip Erdogan said two new oil fields were discovered in the Gabar area of Sirnak Province in southeastern Turkiye, near the Iraqi border, with potential reserves of 135 million barrels. According to Erdogan, Gabar has so far produced 75.4 million barrels of oil and has become one of the country’s main production centers. The government estimates that additional output from the area has also helped cut the current account deficit by $6 billion. With the new fields and additional wells in operation, daily production in Gabar is projected to rise 30 percent. Ankara aims to raise production capacity to 100,000 barrels per day in the second half of next year by operating up to 830 drilling wells. The expansion is expected to contribute $4.4 billion to Turkiye’s economy.