Türkiye Aims for 100,000 Barrels Per Day from Gabar Well by Year End

Gabar well in Sirnak Province, southeastern Türkiye. (Getty)
Gabar well in Sirnak Province, southeastern Türkiye. (Getty)
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Türkiye Aims for 100,000 Barrels Per Day from Gabar Well by Year End

Gabar well in Sirnak Province, southeastern Türkiye. (Getty)
Gabar well in Sirnak Province, southeastern Türkiye. (Getty)

Türkiye’s President Recep Tayyip Erdogan has said the country's goal is for the daily oil production in Gabar well to reach 100,000 barrels by the end of 2024, according to Anadolu Agency.

“Our main goal is to achieve complete independence in energy. We are determined and courageously implementing initiatives that will guarantee Türkiye’s energy security,” said Erdogan in a statement on Saturday at a meeting organized in Türkiye’s Black Sea province Zonguldak.

Erdogan further said the daily production of oil wells in Gabar mountain, located in Türkiye’s southeastern province Sirnak, has reached 35,000 barrels.

"We aim for the daily oil production in Gabar to reach 100,000 barrels by the end of the year 2024,” he added.

Erdogan also hoped to announce new good news regarding oil, mining, and natural gas in the upcoming period: "We will never allow the prevention of Türkiye’s utilization of its underground and above-ground resources again."

The Turkish president announced in December 2022 the discovery of a field with oil reserves amounting to 150 million barrels in Mount Gabar.



Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.