Türkiye strengthens energy ties with US producers through shale exploration agreement

Türkiye’s national oil company, the Turkish Petroleum Corporation (TPAO), has entered into a joint venture agreement with US-based oil producers Continental Resources and TransAtlantic Petroleum to develop the country's shale fields in the southeastern Diyarbakır province.

The announcement was made by Energy and Natural Resources Minister Alparslan Bayraktar on X on March 12, Caliber.Az reports via Turkish media.

Bayraktar highlighted the significance of the deal, stating, "Today, our national company TPAO signed a Joint Venture Agreement with Continental Resources, one of the largest oil producers in the US, and TransAtlantic Petroleum, which has been operating in our country for 17 years, to develop our unconventional oil and gas resources in the Diyarbakır Basin."

He further emphasized that the project would employ the most modern environmental and technological practices, aiming to provide training to the local workforce and facilitate the transfer of technical knowledge. "This cooperation will contribute greatly to our goal of bringing Türkiye’s oil and gas resources to our economy. I hope this agreement, which opens a new era of exploration in Türkiye, will benefit all parties," Bayraktar added.

Continental Resources, a major US oil producer, expressed its enthusiasm for the project. CEO Doug Lawler said in an emailed statement to Reuters, "With 57 years of exploration experience, we recognize significant opportunities for further development both in the US and internationally. We see immense potential in Türkiye's untapped resources and are excited to collaborate with TransAtlantic and Türkiye Petroleum to explore and develop unconventional solutions that can unlock their full energy potential."

TransAtlantic Petroleum has had a long-standing presence in Türkiye, operating in the country for 17 years. The joint venture represents a major step in expanding Türkiye's oil and gas exploration capabilities.

In recent years, Turkish Petroleum has sought to broaden its international cooperation network, having already formed partnerships with countries such as Azerbaijan, Libya, Somalia, and Russia. The company’s CEO, Ahmet Türkoğlu, hinted at further collaboration with Libya in January.

Despite not being a major oil and gas producer, Türkiye has increasingly focused on domestic exploration in recent years, particularly in the northern Black Sea and southeastern regions. This new joint venture with Continental Resources and TransAtlantic Petroleum represents a significant push to tap into Türkiye’s untapped shale resources.

Minister Bayraktar, who is currently attending the HERAWeek conference in Houston, also met with energy executives and counterparts from Mexico, Egypt, and Libya. In a separate announcement on X, Bayraktar stated that Türkiye and Egypt had agreed to strengthen their cooperation, particularly in the natural gas sector. During a meeting with Egyptian Minister of Petroleum and Mineral Resources, Karim Badawi, Bayraktar discussed regional energy security issues and emphasized the importance of collaboration between the two countries.

"We discussed strengthening cooperation between our two countries in the fields of natural gas and mining. We agreed to concretize our cooperation, especially in the natural gas field," Bayraktar said.

By Tamilla Hasanova