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Economy, Energy

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Yalla Group Q1 revenue $83m

Net income rose to $36.4 million, a 17% YoY increase.

Qatar Airways annual profit $2bn

This was a record 28% jump in annual net profit.

Masdar issues $1bn bond

Its green bond program hits $2.75 billion.

Turkey discovers 150m barrels of oil reserves worth $12bn: Erdogan

Erdogan faces tight elections in four months in which the cost-of-living crisis is a top concern.
By TRENDS Desk
December 13, 2022 2:04 pm
  • Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye
  • The newly discovered oil reserves have been named after Gendarmerie Esma Cevik, who was killed clearing mines on Gabar Mountain

Ankara, Turkiye – Turkish President Recep Tayyip Erdogan announced on Monday Turkey has discovered 150 million barrels of net oil reserves in a southeastern mountain, estimated to be worth $12 billion, Anadolu Agency reported.

“We discovered 150 million barrels of net oil reserves in Gabar Mountain. It is one of the top 10 onshore discoveries in 2022. The reserve value is approximately 12 billion dollars,” Erdogan said after the Cabinet meeting in the capital Ankara, quoted by Anadolu Agency. 

He added that Türkiye has intensified its oil exploration activities on land.

Erdogan said Ankara aims to increase its daily production to 100,000 barrels by the centennial of the Republic of Türkiye by carrying out more seismic research, drilling more, and enhancing productivity.

The newly discovered oil reserves have been named after Gendarmerie Esma Cevik, who was killed clearing mines on Gabar Mountain.

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