Continental Resources, TransAtlantic sign JV to aid hydrocarbon development in Türkiye
Continental Resources Inc. has executed a joint venture agreement with Türkiye Petrolleri AO (Türkiye’s national oil company), and TransAtlantic Petroleum LLC to begin commercial development of unconventional oil and gas resources in the Diyarbakir basin of Southeast Türkiye and the Thrace basin of Northwest Türkiye.
Continental Resources, the largest private oil and gas producer in the US, noted the agreement in a post to its official LinkedIn account Mar. 12. Terms were not disclosed.
TPAO has conducted extensive analysis of the formations and reservoir quality in the regions and early evaluations suggest ultimate recoverable reserves could reach 6 billion bbl of oil and 12-20 tcf of gas in the Diyarbakir basin, and 20-45 tcf in the Thrace basin, Continental Resources said in the post.
“This strategic partnership will enhance Türkiye's energy industry by bringing together technical expertise, cutting-edge technology, and a commitment to environmental responsibility,” the company continued.
Continental Resources has advanced horizontal petroleum development and TransAtlantic Petroleum has been operating in Türkiye for over 17 years, Continental Resources said.
