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Continental Resources, a US-based producer, will help Turkey develop its shale gas fields

Continental Resources, a US-based producer, will help Turkey develop its shale gas fields

On Wednesday, Turkish Energy minister Alparslan Bayraktar announced on the social media platform X that TPAO, Turkey's national oil company, had signed a joint-venture agreement with U.S. producer Continental Resources for the development of shale deposits in Diyarbakir Basin.

This cooperation will contribute greatly to our goal to bring Turkiye’s oil and natural gas resources into our economy. "I hope that this agreement will benefit all parties, as it opens up a new phase in Turkiye's exploration," he wrote in the blog.

The Turkish oil and gas industry is not very large.

Continental Resources CEO Doug Lawler stated in an email that "we recognize significant opportunities to further develop both in the U.S.

We are very excited to work with TransAtlantic, Turkey Petroleum and other energy companies to develop innovative solutions to unlock the full potential of Turkey's resources.

TransAtlantic Petroleum is developing the Selmo Field in Turkey, and executing a drilling program horizontally in eastern Turkey.

Harold Hamm, founder of Continental Resources, warned on Wednesday that U.S. crude oil production was beginning to plateau. Reporting by Arathy S. Somasekhar, Writing by Liz Hampton and Editing by Marguerita C. Choy and Ni. Williams

(source: Reuters)