Türkiye's Energy and Natural Resources Minister Alparslan Bayraktar said despite escalating tension in the Middle East, Türkiye has maintained energy supply security.
The rising tensions triggered by attacks involving the US, Israel and Iran, along with retaliatory actions, have led to a major crisis affecting global energy markets, as well as broader economic and geopolitical dynamics, Bayraktar said Wednesday during a television interview.
A prolonged closure of the Strait of Hormuz could trigger supply disruptions, as much of global oil passes through this conflict-prone route, he added.
Bayraktar noted that Türkiye sources about 10% of its oil from Iraq and Saudi Arabia and is a hub for LNG exports, particularly from Qatar, but does not rely critically on the Strait of Hormuz.
"BOTAS and Türkiye procure LNG from 12 countries and receive natural gas via pipelines from four others. We have not faced supply issues in gas or crude oil," he added.
He emphasized Türkiye's decade-long diversification strategy, domestic and international exploration, and investments in pipelines, infrastructure, and storage.
"Our goal is a self-sufficient energy market that reduces external dependency and ensures supply security," Bayraktar said.
He added that the developments in the Middle East are likely to impact economies globally, stressing the importance of a swift resolution to the crisis. "This process ending quickly is crucial for Türkiye and for the entire world," he said.
- Iraqi oil flows, exploration efforts
"Oil flows from Iraq to Türkiye have now begun. The current daily flow is estimated to be between 170,000 and 250,000 barrels. However, the pipeline has a total capacity of 1.5 million barrels per day," Bayraktar said.
Bayraktar also noted that Türkiye's offshore exploration activities in Somalia will gain momentum with the deployment of the deep-sea drilling vessel Cagri Bey.
"The vessel is currently en route to Somalia and is expected to arrive in early April. We aim to begin exploration by mid-April. Based on data collected over the past six to seven months, there is a possibility of reserves in one of our three blocks, which we believe could be oil," he said.
He added that exploration activities are also ongoing domestically, with six drilling targets identified across the western, central and eastern Black Sea regions. "New drilling operations will begin next week," he added.
Reporting by Gulsen Cagatay
Writing by Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
