Turkey to develop its shale fields with US producer Continental Resources

By Arathy Somasekhar

HOUSTON (Reuters) -Turkish national oil company TPAO has signed a joint venture agreement with U.S. oil producer Continental Resources to develop shale fields in the country’s Diyarbakir Basin, Turkish Energy Minister Alparslan Bayraktar said on social media platform X on Wednesday.

“This cooperation will greatly contribute to our goal of bringing Turkiye’s oil and gas resources to our economy. I hope this agreement, which opens a new era in exploration in Turkiye, will be beneficial for all parties," he said in the post.

Turkey is not a major oil and gas producer.

"With 57 years of exploration experience, we recognize significant opportunities for further development both in the U.S. and internationally," Continental Resources CEO Doug Lawler said in an emailed statement.

"We see immense potential in Turkey's untapped resources and are excited to collaborate with TransAtlantic and Turkey Petroleum to explore and develop unconventional solutions that can unlock their full energy potential.”

TransAtlantic Petroleum, which holds oil and gas interests in Turkey and Bulgaria, is executing a horizontal drilling program in eastern Turkey and redeveloping the country's Selmo Field.

Speaking at the CERAWeek conference in Houston, Texas, on Wednesday, Continental Resources founder Harold Hamm warned that U.S. oil production is beginning to plateau.

(Reporting by Arathy Somasekhar; Writing by Liz HamptonEditing by Marguerita Choy and Nia Williams)