Continental Resources has signed a joint venture (JV) deal with Türkiye Petroleum and TransAtlantic Petroleum to explore tight rock in Turkey. (Source: Shutterstock)
Continental Resources has signed a joint venture (JV) deal with Türkiye Petroleum and TransAtlantic Petroleum to explore tight rock in Turkey.
The JV will explore Turkey’s unconventional oil and gas resources in the Diyarbakir Basin and Thrace Basin, Turkiye Petroleum said. Deal terms were not disclosed.
“The energy sector in Türkiye has a long and proud history, including major gas discoveries in the Black Sea and significant finds in the Garbar Mountain Range along the border with Iraq,” Turkiye Petroleum reported.
Continental Resources’ President and CEO Doug Lawler said the deal makes technical and commercial sense for the company.
“With 57 years of exploration experience, we recognize significant opportunities for further development both in the U.S. and internationally,” Lawler said. “We see immense potential in Turkey's untapped resources and are excited to collaborate with TransAtlantic and Turkiye Petroleum to explore and develop unconventional solutions that can unlock their full energy potential.”
Turkiye Petroleum reported Turkish Petroleum Corp. (TPAO), Turkey’s national oil company, “has conducted extensive analysis of the formations and reservoir quality in these two regions.
“Early evaluations suggest the ultimate recoverable reserves could reach 6 Bbbl of oil and 12 to 20 Tcf of gas in the Diyarbakir Basin and 20 to 45 Tcf in the Thrace Basin.”
The deal with Continental and TransAtlantic will accelerate development, it added.
“Continental Resources is led by renowned industry pioneer Harold Hamm and is the largest private oil and gas producer in the United States,” Turkiye Petroleum reported.
“They have been leaders in revolutionizing horizontal petroleum development.”
TransAtlantic has been operating in Türkiye for more than 17 years.
“This strategic partnership will enhance Türkiye's energy industry by bringing together technical expertise, cutting-edge technology and a commitment to environmental responsibility.
“By harnessing the success pioneered by the American independent petroleum industry, this collaboration will allow for the rapid development of Türkiye’s unconventional resources and pave the way for an energy renaissance.”
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