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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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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.