Can2 Termik stock pivots to a USD 381.7 million oil project

Can2 Termik stock is tied to a USD 381.7 million Venezuela oil project after the company disclosed a 20-year operating and production agreement on September 16, 2026. The agreement gives its subsidiary exclusive rights in the CEMA oil field and adds an oil-production strategy to the Turkish energy group's thermal power business.

Venezuela project sets a new direction

According to Can2 Termik in its September 16, 2026 disclosure, the CEMA field contains 104.2 million barrels of remaining oil reserves and 499.3 billion cubic feet of remaining gas reserves. Current production stands at 400 barrels per day, while the medium- and long-term target is 9,865 barrels per day.

The investment budget is USD 381.7 million over the 20-year term, with a possible 20-year extension subject to approval. The field covers 162.4 square kilometers and includes 10 fields, giving the project a measurable operating base beyond the company's domestic power generation activities.

Power output rises as costs weigh

Can2 Termik's second-quarter numbers show the tension between higher production and weaker profitability. Rota Borsa reported on September 24, 2026 that second-quarter revenue reached TRY 1.792 billion, EBITDA was TRY 510.68 million and net loss was TRY 1.792 billion.

In the first half of 2026, gross electricity production rose 33.79 percent year over year to 1,065 gigawatt-hours, while net production reached 701 gigawatt-hours. The same report said EBITDA fell 13.32 percent from the second quarter of 2025 and EBITDA margin declined 0.91 percentage points to 28.50 percent, showing that cost pressure offset the production increase.

Market value stays below yearly high

The Venezuela plan is the main strategic variable for Can2 Termik because it introduces a second commodity-linked business while the power operation faces margin pressure. Marketscreener reported on September 16, 2026 that the project was being developed by a Can2 Termik unit and identified the company as a Turkey-based energy business.

Can2 Termik had a market capitalization of TRY 10.1 billion as of September 30, 2026. Its 52-week range was TRY 0.92 to TRY 2.87 on the same date, placing the quoted market value closer to the lower end of its yearly trading band than to the high.