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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)
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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.

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.