New Agreement for Hydrocarbon Exploration to be Signed with Chevron in February in Istanbul

Minister Bayraktar answered questions from Özlem Doğaner and Dilek Güngör on A Para's live broadcast.

Agreement with Chevron

Recalling that an agreement had been signed with Exxon to conduct exploration in the Mediterranean, the Black Sea, and various other regions around the world, Minister Bayraktar stated, "We are now signing a similar agreement with another US company, Chevron. The agreement will be signed in Istanbul in February. This will not be the last; we will continue to sign such agreements with international partners in the future.’"

Yıldırım Heads to the Black Sea

Minister Bayraktar stated that the Yıldırım Deep Sea Drilling Ship had also departed from Taşucu, saying, “It is likely that it will cross over to the Black Sea this weekend.” Bayraktar reminded that they will send the Çağrı Bey Deep Sea Drilling Ship to Somalia in February. 

Shale Gas Work in Thrace

Minister Bayraktar explained that they will conduct drilling work in 24 wells over three years in Diyarbakır to search for shale oil using unconventional methods, noting that they also want to start work in Thrace in 2026 with the goal of shale gas.

10-15 Percent of Demand 

Energy and Natural Resources Minister Bayraktar said they aim to generate electricity from the first reactor at the Akkuyu Nuclear Power Plant this year. Minister Bayraktar also stated that they want to have at least 5,000 megawatts of small modular reactors, adding, “Our 2050 target is a nuclear capacity of 20,000 megawatts. In other words, a Türkiye that meets 10 to 15 percent of its needs from nuclear energy.”

We are on site in Sinop and Thrace

Minister Bayraktar also spoke about the planned nuclear power plants in Sinop and Thrace, saying, "All our efforts are focused on finalizing those projects as soon as possible, determining who we will work with and which technology we will apply, and starting work. We are currently on site in both Sinop and Thrace. Sinop is already a very well-prepared site. In other words, we have completed the environmental impact assessment, seismic studies related to the site, and all studies related to the sea." Minister Bayraktar stated that seismic studies are also continuing in Thrace. Minister Bayraktar explained that they have held talks with South Korea, the US, and China for the planned power plants. 

Target: 1 Million Barrels of Production

Minister Bayraktar pointed out that Turkish Petroleum will become a company producing approximately 550,000 barrels of oil and gas by 2028, noting that they want to write a new growth story specifically for Turkish Petroleum and reach a daily production of 1 million barrels of oil and gas. Minister Bayraktar said, “With our current plans, we will reach 550,000-600,000 barrels in 2028, but in order to go beyond that, Turkish Petroleum's options for company acquisitions, share purchases, and partnerships in foreign countries are important.” Minister Bayraktar also noted that Turkish Petroleum is targeting the first half of 2026 for sukuk issuance.

A Model That Will Reflect Gains to the Public

Minister Bayraktar also spoke about whether Turkish Petroleum would be offered to the public, saying, “I am not talking about privatization. We are considering a model that will give our companies different capabilities, and if there are gains here, we will reflect them to our citizens.”

Record Price for Solar Energy

Noting that renewable energy contributes to supply security, Minister Bayraktar said they would continue with the Renewable Energy Resource Areas (YEKA) competitions. Pointing out that they will sign an agreement with the Saudi company ACWA in February, Minister Bayraktar said, “We will share a 2,000-megawatt solar capacity with the public through an intergovernmental agreement and at a record price.”

Gold Production in Niger

Minister Bayraktar noted that Türkiye aims to increase its gold production to 60 tons in the first stage and then to 100 tons. Bayraktar also mentioned gold production efforts abroad, saying, “Our equipment has arrived in Niger, and in the next few months, we will produce Türkiye's first gold abroad from Niger.”

No Signs of Supply Security Issues

Minister Bayraktar also made a statement regarding natural gas supply security, saying, “We do not see any problems in terms of supply security.” Minister Bayraktar also pointed out that natural gas storage facilities are full.