Turkey pledges a major oil announcement

Turkish Energy Minister Fatih Donmez said on Sunday that new oil reserves have been identified near an existing oilfield in the Gabar Mountain area of Turkey's southeast Sirnak Province. The announcement will be made by Turkish President Recep Tayyip Erdogan as soon as data is available. In December, Turkey's president revealed the discovery of a new oil field in Sirnak Province, with around 150 million barrels of reserves and an estimated value of $12 billion. In October, Russian President Vladimir Putin proposed the idea of creating a hub for gas supplies in Turkey, which would allow Russia to redirect transit away from the damaged Nord Stream gas pipelines to the Black Sea region.