Türkiye announces estimated 6.1bbbl shale oil reserve

Turkiye’s Energy Minister Alparslan Bayraktar has announced that US oil producer Continental Resources has estimated a shale oil reserve of around 6.1 billion barrels (bbbl) in the country’s south-eastern Diyarbakir Basin, according to a Reuters report.

This figure could position Türkiye in the global oil market above some OPEC countries.

Bayraktar emphasised the importance of the discovery, considering Türkiye’s current annual crude oil imports are approximately 365 million barrels (mbbl).

Türkiye, which relies on imports for more than 90% of its energy needs, is actively seeking to reduce its import bill and enhance supply security through the development of domestic resources and international exploration partnerships.

“If confirmed, these reserves would elevate Türkiye above some OPEC members such as Congo or Gabon, and other major producers like the UK,” Bayraktar stated during a visit to Sirnak province.

In March, Continental Resources and Turkish national oil company TPAO signed an agreement to develop shale fields in the Diyarbakır Basin.

The Energy Minister previously described the March agreement as “a new era,” indicating Türkiye’s strategic focus on shale oil and gas discoveries.

The country is aiming to commence shale gas production in the north-western Thrace region.

Continental Resources has not provided comments on the estimation.

The announcement comes shortly after President Tayyip Erdogan’s revelation of a new 75 billion cubic metres (bcm) natural gas reserve found during drilling in the Black Sea.

The country previously announced its largest-ever onshore oil discovery of 1bbbl of crude in Sirnak two years ahead of the presidential elections.

The discovered oil had an API gravity of 41, indicating a lighter grade than Türkiye’s existing production.

In 2024, Türkiye’s crude production stood at 127,000 barrels per day, with imports nearly reaching 1mbbl per day of oil and refined products.

Data from the country’s Energy Ministry and regulator revealed that discounted Russian oil and refined products constituted two-thirds of Türkiye’s imports last year.

“Türkiye announces estimated 6.1bbbl shale oil reserve” was originally created and published by Offshore Technology, a GlobalData owned brand.

 

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