Continental Resources has entered a joint venture with Türkiye Petroleum and TransAtlantic Petroleum to explore and develop unconventional oil and gas resources in Turkey’s Diyarbakir and Thrace Basins. The agreement represents a major expansion for Continental, marking its first significant international project outside North America. The move aligns with Turkey’s broader strategy to boost domestic energy production and reduce reliance on imports.
Unlocking Turkey’s Untapped Energy Reserves
Turkey has long been seen as an underexplored frontier for oil and gas development, despite having significant untapped resources. According to Türkiye Petroleum, the Diyarbakir Basin could contain up to 6 billion barrels of oil and between 12 to 20 trillion cubic feet (Tcf) of natural gas, while the Thrace Basin holds an estimated 20 to 45 Tcf of gas. These reserves, if fully developed, could help Turkey strengthen its energy independence and become a more prominent player in the global energy market.
Continental Resources, known for its pioneering work in horizontal drilling and hydraulic fracturing, sees tremendous potential in Turkey’s unconventional reservoirs. CEO Doug Lawler emphasized that the company’s 57 years of exploration experience make it well-positioned to unlock these resources. “We see immense potential in Turkey’s untapped energy reserves and are excited to collaborate with our partners to develop solutions that maximize production while using the latest in drilling and completion technology,” Lawler stated.
A Strategic Partnership for Energy Growth
Türkiye Petroleum, the country’s state-owned energy company, has been actively working to develop domestic resources in an effort to reduce Turkey’s dependence on imported energy. The joint venture will accelerate this effort by leveraging Continental’s expertise and TransAtlantic Petroleum’s deep knowledge of the region. TransAtlantic, which has operated in Turkey for more than 17 years, brings extensive local operational experience, making it a valuable partner in this venture.
Turkey’s Energy Minister Alparslan Bayraktar described the joint venture as a game-changer for the country’s energy sector. He noted that by partnering with industry leaders, Turkey will not only boost its production capacity but also gain access to advanced technology, best practices, and workforce training that will benefit the entire energy ecosystem.
The deal follows a series of major gas discoveries in Turkey, including those in the Black Sea and the Garbar Mountain Range, along the border with Iraq. The Turkish government has been actively promoting foreign investment in its energy sector, offering incentives and streamlined regulatory processes to attract international players.
Boosting Economic and Energy Security
In addition to increasing Turkey’s oil and gas production, this joint venture is expected to create jobs, improve infrastructure, and provide long-term economic benefits. Türkiye Petroleum stated that the deal will ensure the rapid development of unconventional resources while following strict environmental responsibility standards.
The project is also being closely watched by industry analysts, as Turkey’s geopolitical position—straddling Europe and the Middle East—gives it strategic importance in global energy markets. If successful, this venture could pave the way for further international collaborations in Turkey’s energy sector.
As Continental Resources, Türkiye Petroleum, and TransAtlantic Petroleum begin their exploration and development work, the energy industry will be watching closely to see whether this deal unlocks a new wave of production that could reshape Turkey’s role in global energy markets.
