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Türkiye has agreed to a new long-term natural gas supply deal with Azerbaijan for a total of 33 billion cubic meters (bcm), scheduled to begin in 2029 and span 15 years, Energy and Natural Resources Minister Alparslan Bayraktar announced on Sunday.
Speaking in a televised interview, Bayraktar said the gas will be delivered via pipeline from Azerbaijan’s offshore Absheron Field in the Caspian Sea, with an annual supply volume of 2.25 billion cubic meters.
He noted that final negotiations were concluded last Friday, and the signing process is expected to wrap up shortly.
"We have once again secured competitively priced gas and are beginning to bring it into our country on a long-term basis," he said.
Separately, Bayraktar announced that Türkiye’s drilling ship, Cagri Bey, will soon commence operations off the coast of Somalia. The project involves ultra-deepwater exploration, with an expected drilling depth of 7 kilometers (4.3 miles), including 3.5 kilometers of water depth and an additional 3.5 kilometers beneath the seabed.
"We are hopeful about the prospects of this site," the minister said.
Türkiye’s first nuclear power plant, Akkuyu, is slated to produce its first electricity later this year, Bayraktar said. He added that negotiations for additional nuclear projects in Sinop and Thrace are still ongoing, though he did not provide details on the process.
"The year 2026 could be decisive. We aim to finalize our decisions on the country and technology partner for those projects," he said.
Bayraktar also addressed concerns following the U.S. airstrikes on Venezuela and the capture of President Nicolas Maduro, discussing potential repercussions for energy markets.
He stated that the current unrestis not expectedto have a significant impact on the global oil supply, noting that Venezuela’s current output represents less than 1% of total global production.
However, he acknowledged that the country holds the world’s largest proven oil reserves and has the potential to meet up to 5% of global daily demand if operating at full capacity.
On the domestic front, in response to questions about energy price adjustments, Bayraktar said energy tariffs would be reviewed annually in line with inflation. "We will take into account both inflation and global trends when setting prices," he added.
The government did not implement price hikes for natural gas and electricity at the start of 2026, as Bayraktar said earlier, and any future adjustment would be kept below the inflation rate to support the disinflation process.
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