Türkiye is considering agreements to acquire energy assets or pursue further hydrocarbon exploration by the end of 2026 as it seeks to raise oil and natural gas production to 1 million barrels of oil equivalent per day (boe/d), Energy and Natural Resources Minister Alparslan Bayraktar said on October 27, according to Reuters.

Speaking at the Türkiye Energy Summit in Istanbul, Bayraktar said Türkiye currently had production capacity of around 300,000 boe/d, with plans to increase output to 550,000-600,000 boe/d by 2028.

“There may be more news, good news by the end of the year. We may buy, acquire companies. We are making partnerships and will continue to do so,” Bayraktar said, adding that potential deals could involve new fields and countries, including in Africa.

Reaching the 1 million boe/d target would require Türkiye key to more than triple its current output, with overseas acquisitions and partnerships expected to help bridge the gap between existing production and its longer-term ambitions.

Türkiye’s state-owned Turkish Petroleum Corporation (TPAO) has been expanding its international exploration and production activities to support its output growth strategy.

The company has signed agreements to explore for hydrocarbons offshore Libya and Pakistan, while securing a stake in Iraq’s Kirkuk oilfield. Türkiye has also agreed to conduct offshore exploration in Somalia, where it has been carrying out operations.

In Iraq, Ankara has sought to strengthen energy cooperation, including through efforts to renew and expand its energy agreement with Baghdad. Türkiye is also pursuing opportunities in other markets as it seeks to expand TPAO’s international portfolio.

Bayraktar said Türkiye was exploring opportunities for electricity trade with Lebanon and was also interested in hydrocarbon exploration offshore the country.

The minister added that some European countries had approached Türkiye about buying natural gas after deciding to halt energy trade with Russia following its invasion of Ukraine. Türkiye could serve as an alternative route for supplying gas to Europe while developing its own position as a regional energy hub, Bayraktar said.