Turkey Unveils Massive Shale Oil Reserves: A Game Changer?
Continental Resources and TPAO unveil a potential 6.1 billion barrel shale oil reserve in Turkey's Diyarbakir Basin. The discovery could surpass some major OPEC members' reserves. Turkey eyes energy independence and enhanced security with this find, coupled with a recent 75 bcm gas discovery in the Black Sea.
U.S. oil giant Continental Resources estimates a staggering 6.1 billion barrels of shale oil could lie beneath Turkey's southeastern Diyarbakir Basin, according to Turkish Energy Minister Alparslan Bayraktar. If confirmed, this could position Turkey above some OPEC countries in terms of shale reserves.
In March, Continental Resources teamed up with Turkey's national oil company TPAO to explore these promising fields. Highlighting the significance, Bayraktar noted, "Turkey's annual crude oil import is 365 million barrels, making this a substantial find." He outlined plans for shale oil and gas development, calling it "a new era" for Turkey.
This discovery comes as Turkey aims to reduce its dependency on energy imports and strengthen supply security. President Erdogan recently announced another major find—a 75 billion cubic meter natural gas reserve in the Black Sea. Both discoveries could alter Turkey's energy landscape prior to its upcoming elections.
(With inputs from agencies.)
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