The Ottoman empire lacks the power sources that fueled the early industrial revolution in Northern Europe - namely fast flowing and constant streams for hydropower, easily burnable forests and easily accessible coal deposits. So I don't really see it taking off very well (at least in the same form as the European IR).
Oil is ready available, but the problem is that the engines to utilize oil to produce power, and the chemistry to process it were very much products of the Industrial Revolution elsewhere - they are not something you can start off using. The pre-1850s oil extraction was for burning it to produce light, its far too dirty and in much lower amounts than the high temperature coals. Its not for nothing we still use Coal over Oil to make power plants run. The Anatolia coals whilst present, are pretty darn deep down.
Past the resource problem you also have the transport and population problems. The Ottoman lands had much more dispersed people making industry hard to start and infrastructure less likely to turn a profit, and all hydrocarbon and other resources are quite far from the population centers and from the sea (again see Britain who built cities directly over the coal deposits to save the huge cost of early transport). Sure Baku might have a lot of oil, but even if you have a oil using industry set up getting that huge quantity over the mountains to Istanbul will be expensive.
I think to have this work you'll need very early changes to both the incentives and lands controlled by the Empire. If say the Ukrainian steppes remain Tatar and are properly integrated, thus giving the Turks the Donets basin and pre-existing patterns of bulk goods transport, or if you see some effect that causes even greater population density in the lower Danube valley.
Largely agree. The Ottoman Empire actually had plenty of amazing hydropower, but it was really unfortunately located. It's not usable until power transmission becomes available. Small-scale hydropower could be and was used to power industrial plants.
Coal is actually usable - the late Ottoman Empire's production was equal to Italy's, which is not super-impressive, but that was sans-Bosnia. The main deposits were at Zonguldak, which is a short distance from Istanbul; in OTL by sea, but a rail line was planned (due to the advent of the Republic, the rail line connected it to Ankara, thus largely useless. More evidence republics suck.)
Bulgaria was in a proto-industrial state when it was lost (the destruction of urban life in post-Ottoman Bulgaria ended that) and could have become the basis for the development of light industry on a fairly large scale. Bosnia, one reached by rail, is probably the best potential source for serious industry. Large amounts of coal, huge forests, and lots and lots of iron.
The Capitulations/Trade treaties were also a big problem, but that's too complex to discuss briefly; but in short, tariffs were set by treaty (in 1900 at 8% for imports, 1% for exports) meaning nascent industries couldn't be protected, and foreigners were exempt from most Ottoman taxes, which made it nearly impossible for indigenous industries to compete.
You'd need a major European war some time after 1895 or (when the massive Victorian Depression is ending) to allow the Ottomans to discard the Capitulations in order to see industrial development. Because of low population densities, it's never going to be impressive or even really possible outside the Marmara area, Western Anatolia, and the Balkans.
There's little or no chance of an industrial revolution early on.