Turkey's Shale Oil Boom: A New Era in Energy Independence

Continental Resources, a prominent U.S. oil firm, has discovered a substantial shale oil reserve of 6.1 billion barrels in Turkey's southeast Diyarbakir Basin, according to Turkish Energy Minister Alparslan Bayraktar.

The discovery follows a joint venture agreement signed in March between Continental Resources and the Turkish national oil company, TPAO, aimed at developing shale fields in the region. "This reserve is a remarkable one," Bayraktar remarked, noting Turkey's current annual oil imports are around 365 million barrels.

Turkey, not a major oil and gas producer, imports over 90% of its energy. The government, seeking to cut import costs and enhance energy security, is committed to boosting domestic production and expanding global energy partnerships. President Tayyip Erdogan recently announced another significant find: a 75 billion cubic metre reserve of natural gas in the Black Sea.

(With inputs from agencies.)