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Highlights of Türkiye's energy market in 2024

- Türkiye expands international cooperation in earth materials, oil, natural gas and nuclear power while increasing renewable capacity

home > Natural Gas, Oil, Coal, Geothermal/Biomass, Energy Projects, General 25.12.2024 09:46

Highlights of Türkiye's energy market in 2024

This year saw a notable increase in international cooperation between Türkiye and global players in the fields of rare earth materials, oil, natural gas, and nuclear power.

Türkiye emerged as a key player in the global energy sector, forging key partnerships with major energy stakeholders, including ExxonMobil, TotalEnergies and Shell. Additionally, Türkiye expanded its role in regional hydrocarbon exploration, including partnerships with Niger and Somalia.

The country also expanded its energy fleet this year with the addition of a floating natural gas production platform which will significantly increase production at the Sakarya Gas Field in the Black Sea.

The year started off with international talks to enhance cooperation in various areas within the energy sector.

On Jan. 9, Türkiye's Energy and Natural Resources Minister Alparslan Bayraktar vowed to enhance cooperation for the excavation and processing of rare earth materials.

On Jan. 14, Bayraktar emphasized Libya's potential in oil and gas and reaffirmed Ankara's readiness to collaborate with countries and companies to help Libya use this potential.

On Jan. 23, Türkiye's energy minister discussed a roadmap for energy cooperation with the UAE's Investment Minister Mohamed bin Hassan Alsuwaidi.

On Jan. 24, Bayraktar and Iran's Petroleum Minister Javad Owji discussed expanding energy cooperation between the two countries.

On April 16, the head of Türkiye's Petroleum Pipeline Corporation (BOTAS) and Egypt's Ambassador to Türkiye discussed energy cooperation in Ankara.

On April 25, Turkish and Greek energy ministers pledged to strengthen bilateral cooperation during the first Greek-Turkish Energy Forum in Istanbul.


- International agreements

Türkiye signed several agreements with different nations to strengthen its energy cooperation during the year.

On Feb. 1, Türkiye signed two memorandums of understanding (MoU) in the fields of oil, natural gas and mining with Venezuelan officials.

On March 1, Türkiye and Turkmenistan signed an MoU, laying the groundwork for future hydrocarbon collaboration.

On March 7, Türkiye and Somalia signed an intergovernmental agreement to strengthen cooperation in Somalia's oil and gas resources, including both onshore and offshore blocks.

On May 14, Bayraktar and Azerbaijan's Economy Minister Mikayil Cabbarov signed a comprehensive deal for the capacity expansion of several natural gas pipelines. The deal will facilitate the transport of additional gas volumes from Azerbaijan and the Caspian region to Türkiye and Europe by 2030.

On May 21, China and Türkiye signed an MoU on energy transformation cooperation during Bayraktar's visit to the country.

On June 4, a natural gas supply agreement between Azerbaijan and Türkiye, set to expire in 2024, was extended until 2030.

On June 6, Bayraktar and Uzbek Energy Minister Jurabek Mirzamahmudov signed a protocol on energy transformation cooperation.

On July 17, Türkiye and Niger took a significant step toward energy cooperation, signing a declaration of intent to collaborate on oil and natural gas projects in the country's capital Niamey.

On July 18, Türkiye signed a deal with Somalia for hydrocarbon exploration in three blocks in the Somalian offshore.

On Oct. 11, Serbia and Türkiye signed an MoU for energy transition cooperation.

On Oct. 22, Türkiye and Niger, a mineral-rich African nation, signed an MoU to cooperate on mineral exploration and exploitation.

On Oct. 25, Somali President Hassan Sheikh Mohamud officially inaugurated a welcoming ceremony for Türkiye's seismic exploration vessel, Oruc Reis, as it docked at Mogadishu seaport for its mission to explore oil and natural gas off Somalia's coast.


- Corporate collaboration

The country's Petroleum Pipeline Corporation (BOTAS) also signed several important energy agreements with companies in countries including the US, Brazil and Egypt.

On Feb. 15, BOTAS and Egypt's Natural Gas Holding Company (EGAS) agreed to enhance cooperation on natural gas trade, LNG, infrastructure and technical knowledge sharing.

On Feb. 28, the European Energy Exchange (EEX) and the Turkish Energy Stock Market (EPIAS) partnered to develop and implement an Emissions Trading System (ETS) in Türkiye.

On March 29, Türkiye's leading LPG supplier, BDY Group, and the global energy trading giant BB Energy signed an MoU to explore a strategic partnership and potential equity transaction.

On May 7, Turkish energy firm Karpowership signed a deal with Brazil's state oil company Petrobras to combine their expertise in the natural gas and energy sectors.

On May 8, BOTAS and ExxonMobil signed a cooperation agreement for LNG trade.

On Sept. 2, a strategic agreement was signed between BOTAS and Shell, the world's leading oil and natural gas company. As part of the long-term agreement, BOTAS will receive 40 LNG cargoes of approximately 4 billion cubic meters (bcm) from Shell over a 10-year period starting in 2027.

On Sept. 18, BOTAS and TotalEnergies signed a 10-year LNG agreement. With the agreement, TotalEnergies will supply a total of 16 LNG cargoes of approximately 1.6 bcm per year starting in 2027. BOTAS will be able to take delivery of some of the LNG from the filling ports in the US and some from terminals in Türkiye and Europe.


- Renewable energy milestones

Türkiye made several advancements in the renewable energy sector in 2024, reaching record installed capacity.

On Jan. 8, Türkiye committed to investing $20 billion in energy efficiency programs across the public and private sectors by 2030.

On Jan. 25, as part of efforts to reduce energy reliance on foreign imports, Türkiye earmarked 7,500 megawatts (MW) of renewable energy capacity for industrial use in 2024. This initiative was part of a broader plan to promote energy independence, with a commitment of $5 billion in investments.

On Feb. 23, the World Bank approved a €600 million loan guarantee to help Turkish exporters reduce carbon emissions and remain competitive in the global market.

On the same day, the European Bank for Reconstruction and Development (EBRD) granted a €46 million loan to a Turkish mining company for energy and resource efficiency investments.

On March 28, Türkiye's installed solar capacity surpassed 12,000 megawatts for the first time, reaching 12,425 megawatts.

On April 12, Türkiye set a new record, generating 78.5% of its daily electricity from renewable sources.

On May 16, Türkiye, along with the World Bank and Turkish development banks, signed an agreement for a $1 billion program to accelerate the market transition for distributed energy.

On June 30, Türkiye set a new record in wind power generation, producing a staggering 228,604 megawatt-hours of electricity.

On Aug. 10, UK Export Finance (UKEF) and Poland's export credit agency, KUKE, jointly guaranteed a €249 million loan being arranged by Standard Chartered Bank for Turkish renewable energy investment company Kalyon Enerji, enabling the construction of Türkiye's second-largest solar project to date.


- Natural gas developments

Türkiye accelerated its efforts and set successive records in natural gas and oil production, in line with its vision of becoming an energy hub.

The country also purchased its first floating production, storage and evacuation platform (FPSO) to boost natural gas production. Bayraktar said that the platform will be commissioned in the Sakarya Gas Field in 2026 and will process 10 million cubic meters of gas per day, expected to provide the gas needs of 4 million households.

On Feb. 2, Türkiye's largest private natural gas producer, Thrace Basin Natural Gas Türkiye Corporation (TBNG), announced plans to drill five new wells in the Tekirdag region and Silivri in the Sea of Marmara.

On May 23, Türkiye's Fatih drill ship commenced operations at its new location in the Goktepe-2 well of the Sakarya Gas Field in the Black Sea.

On Aug. 2, Türkiye's drill ship, Abdulhamid Han, headed to the Black Sea to start drilling in the region for new exploration and on Nov 9, the vessel arrived at its duty area.

On Sept. 19, the new member of Türkiye's energy fleet, the FPSO, passed through the Dardanelles.

On Nov. 22, The Istanbul Energy Forum, organized by Anadolu Agency (AA) under the auspices of the Ministry of Energy and Natural Resources with the theme "Common Future, Common Goals," was held at the Istanbul Congress Center with the participation of President Recep Tayyip Erdogan.

The forum hosted 10 ministers from various countries, domestic and international NGOs, representatives of international organizations, academics, media professionals, and prominent figures from the business world, addressing topics such as regional energy sector goals, Türkiye's role in ensuring natural gas supply security, financing the energy transition, and various regional and international agendas in the sector.

By Duygu Alhan and Basak Erkalan

Anadolu Agency

energy@aa.com.tr


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Türkiye, Azerbaijan, Qatar and Syria inaugurate cross-border natural gas pipeline

- Project carries both humanitarian and strategic significance, aiming to improve living conditions in Syria while fostering long-term regional cooperation, officials says
05.08.2025 Natural Gas , Energy Diplomacy

Spot market natural gas prices for Friday, Aug.1

- 1,000 cubic meters of natural gas on spot market costs 14,335.60 Turkish liras
02.08.2025 Natural Gas

Türkiye begins natural gas shipments to Syria

- -Annual exports could reach 2 billion cubic meters, Turkish energy minister says
03.08.2025 Electricity , Natural Gas

Spot market natural gas prices for Thursday, July 31

- 1,000 cubic meters of natural gas on spot market costs 14,353.86 Turkish liras
01.08.2025 Natural Gas

US-Canada energy trade totals $150 billion last year amid price decline: EIA

- US crude oil and natural gas imports from Canada increased by 5% and 7%, respectively
02.08.2025 Natural Gas , Oil , Energy Diplomacy

Spot market natural gas prices for Wednesday, July 30

- 1,000 cubic meters of natural gas on spot market costs 14,392.62 Turkish liras
31.07.2025 Natural Gas , Finance

Spot market natural gas prices for Tuesday, July 29

- 1,000 cubic meters of natural gas on spot market costs 14,428.20 Turkish liras
30.07.2025 Natural Gas

First gas flow to Syria set for August 2: Turkish energy minister

- Azerbaijani gas to be delivered via Kilis to Aleppo to boost electricity generation in northern Syria
01.08.2025 Electricity , Natural Gas

Türkiye's Energy Minister to attend Anadolu's Editor's Desk on July 30

- Bayraktar to outline national energy policy and comment on current energy topics
30.07.2025 Natural Gas , Oil , Finance , Energy Diplomacy , General

Spot market natural gas prices for Monday, July 28

- 1,000 cubic meters of natural gas on spot market costs 14,419 Turkish liras
29.07.2025 Natural Gas

Gazprom posts $131 million loss in 1H25

- Gazprom revenues rise by 4.2% year-on-year, though company ends first half in red
29.07.2025 Natural Gas

Spot market natural gas prices for Sunday, July 27

- 1,000 cubic meters of natural gas on spot market costs 14,430 Turkish liras
29.07.2025 Natural Gas

Türkiye's natural gas imports up 22.8% in May

- Russia, Azerbaijan and Iran are Türkiye's largest gas suppliers, providing 1.19 bcm, 1.05 bcm, and 791 mcm, respectively
29.07.2025 Natural Gas

Ukraine imports Azerbaijani gas via Transbalkan route for first time

- Naftogaz's first gas deal with SOCAR opens a new supply route via Trans-Balkan corridor, reinforcing Kiev's strategy to ensure energy security without Russian gas
29.07.2025 Natural Gas , General

Spot market natural gas prices for Saturday, July 26

- 1,000 cubic meters of natural gas on spot market costs 14,433.17 Turkish liras
27.07.2025 Natural Gas

Spot market natural gas prices for Friday, July 25

- 1,000 cubic meters of natural gas on spot market costs 14,483.19 Turkish liras
26.07.2025 Natural Gas

Spot market natural gas prices for Thursday, July 24

- 1,000 cubic meters of natural gas on spot market costs 14,398.14 Turkish liras
25.07.2025 Natural Gas

Spot market natural gas prices for Wednesday, July 23

- 1,000 cubic meters of natural gas on spot market costs 14,430.65 Turkish liras
24.07.2025 Natural Gas

More LNG supply is expected in 2026 supporting rising gas demand: IEA

- On demand side, rising LNG supply is projected to boost imports after a dip in 2025, latest sector report shows
23.07.2025 Lng/Lpg

Spot market natural gas prices for Tuesday, July 22

- 1,000 cubic meters of natural gas on spot market costs 14,774.15 Turkish liras
23.07.2025 Natural Gas

Zorlu Enerji completes sale of energy assets in Israel

- Company recently completed sale of its 25% stake in Dorad Energy Ltd., a process that began in March
23.07.2025 Electricity , Natural Gas , Energy Diplomacy

Spot market natural gas prices for Monday, July 21

- 1,000 cubic meters of natural gas on spot market costs 14,487.71 Turkish liras
22.07.2025 Natural Gas

Spot market natural gas prices for Sunday, July 20

- 1,000 cubic meters of natural gas on spot market costs 14,430 Turkish liras
21.07.2025 Natural Gas

Spot market natural gas prices for Saturday, July 19

- 1,000 cubic meters of natural gas on spot market costs 14,490.68 Turkish liras
21.07.2025 Natural Gas

Spot market natural gas prices for Friday, July 18

- 1,000 cubic meters of natural gas on spot market costs 14,471.50 Turkish liras
19.07.2025 Natural Gas

Spot market natural gas prices for Thursday, July 17

- 1,000 cubic meters of natural gas on spot market costs 14,550 Turkish liras
18.07.2025 Natural Gas

EU to ban imports via Nord Stream pipelines under new Russia sanctions: Foreign policy chief

- Sanctions package also targets 105 more vessels associated with Russia’s so-called shadow fleet, limits Russian banks’ access to international funding mechanisms, says Kaja Kallas
18.07.2025 Natural Gas

Spot market natural gas prices for Wednesday, July 16

- 1,000 cubic meters of natural gas on spot market costs 14,493.75 Turkish liras
17.07.2025 Natural Gas

Spot market natural gas prices for Tuesday, July 15

- 1,000 cubic meters of natural gas on spot market costs 14,584 Turkish liras
16.07.2025 Natural Gas

Spot market natural gas prices for Monday, July 14

- 1,000 cubic meters of natural gas on spot market costs 14,638.53 Turkish liras
15.07.2025 Natural Gas

Spot market natural gas prices for Sunday, July 13

- 1,000 cubic meters of natural gas on spot market costs 14,584.47 Turkish liras
14.07.2025 Natural Gas

Spot market natural gas prices for Saturday, July 12

- 1,000 cubic meters of natural gas on spot market costs 14,525 Turkish liras
14.07.2025 Natural Gas

Spot market natural gas prices for Friday, July 11

- 1,000 cubic meters of natural gas on spot market costs 14,494.52 Turkish liras
12.07.2025 Natural Gas

Spot market natural gas prices for Thursday, July 10

- 1,000 cubic meters of natural gas on spot market costs 14,543.75 Turkish liras
11.07.2025 Natural Gas

Spot market natural gas prices for Wednesday, July 9

- 1,000 cubic meters of natural gas on spot market costs 14,549.05 Turkish liras
10.07.2025 Natural Gas

Spot market natural gas prices for Tuesday, July 8

- 1,000 cubic meters of natural gas on spot market costs 14,947.81 Turkish liras
09.07.2025 Natural Gas

Spot market natural gas prices for Monday, July 7

- 1,000 cubic meters of natural gas on spot market costs 14,651.70 Turkish liras
10.07.2025 Natural Gas

Spot market natural gas prices for Sunday, July 6

- 1,000 cubic meters of natural gas on spot market costs 14,698.83 Turkish liras
07.07.2025 Natural Gas

Spot market natural gas prices for Saturday, July 5

- 1,000 cubic meters of natural gas on spot market costs 14,831.17 Turkish liras
06.07.2025 Natural Gas

Spot market natural gas prices for Friday, July 4

- 1,000 cubic meters of natural gas on spot market costs 14,961.54 Turkish liras
05.07.2025 Natural Gas

Spot market natural gas prices for Thursday, July 3

- 1,000 cubic meters of natural gas on spot market costs 14,234.38 Turkish liras
04.07.2025 Natural Gas

Spot market natural gas prices for Wednesday, July 2

- 1,000 cubic meters of natural gas on spot market costs 13,802.83 Turkish liras
03.07.2025 Natural Gas

Spot market natural gas prices for Tuesday, July 1

- 1,000 cubic meters of natural gas on spot market costs 13,739.56 Turkish liras
02.07.2025 Natural Gas

Spot market natural gas prices for Monday, June 30

- 1,000 cubic meters of natural gas on spot market costs 13,491.41 Turkish liras
02.07.2025 Natural Gas

Spot market natural gas prices for Sunday, June 29

- 1,000 cubic meters of natural gas on spot market costs 13,400 Turkish liras
30.06.2025 Natural Gas

Spot market natural gas prices for Saturday, June 28

- 1,000 cubic meters of natural gas on spot market costs 13,453.78 Turkish liras
29.06.2025 Natural Gas

Spot market natural gas prices for Friday, June 27

- 1,000 cubic meters of natural gas on spot market costs 13,533.75 Turkish liras
28.06.2025 Natural Gas

Türkiye's LPG production up 10.1% in April

- LPG imports decrease by 17.5%, while exports rise by 11.1% in April, latest industry report reveals
30.06.2025 Lng/Lpg

Türkiye's natural gas imports up 69.5% in April

- Russia, Azerbaijan and Iran are Türkiye's largest gas suppliers, providing 1.81 bcm, 999 mcm, and 706 mcm, respectively
28.06.2025 Natural Gas

Spot market natural gas prices for Thursday, June 26

- 1,000 cubic meters of natural gas on spot market costs 13,607.76 Turkish liras
27.06.2025 Natural Gas

Global renewable expansion lags behind energy demand growth: Report

- Electrification is accelerating, particularly in developing economies, while all major energy sources hit all-time consumption highs in 2024, says industry report
27.06.2025 Electricity , Natural Gas , Renewable

Spot market natural gas prices for Wednesday, June 25

- 1,000 cubic meters of natural gas on spot market costs 13,632.07 Turkish liras
26.06.2025 Natural Gas

Global wholesale gas prices average $4.88 per MMBtu in 2024

- Global average gas prices fall by nearly 50% from 2022 levels, with gas-on-gas pricing mechanisms covering almost half of total consumption in 2024
27.06.2025 Natural Gas , Finance , General

Israel warns of imminent cooking gas shortage after Iranian missile attack on Bazan refinery

-It will take about month for Bazan refinery to fully resume operations, says Israeli energy minister
27.06.2025 Natural Gas

Spot market natural gas prices for Tuesday, June 24

- 1,000 cubic meters of natural gas on spot market costs 13,590.88 Turkish liras
25.06.2025 Natural Gas

Oil, gas prices retreat to below pre-conflict levels after Israel-Iran ceasefire

- Brent crude and European gas prices surged since Israel's June 13 attack on Iran, but fell Tuesday after ceasefire announcement
26.06.2025 Natural Gas , Oil

Vessel traffic in Strait of Hormuz continues

- No significant decline in ship traffic except for 6 vessels making U-turns to avoid waterway amid Israel–Iran conflict
25.06.2025 Natural Gas , Oil

European gas prices fall after Trump announces Israel-Iran ceasefire

- Market tensions ease as fears of disruption to global LNG trade through Strait of Hormuz subside
25.06.2025 Natural Gas
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