Latest news with #ContinentalResources
Yahoo
23-05-2025
- Business
- Yahoo
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Straits Times
21-05-2025
- Business
- Straits Times
Estimated 6 billion barrel shale oil reserve in southeast Turkey, minister says
SIRNAK, Turkey - U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said. Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin. "Turkey's current annual (crude) oil import amounts to 365 million barrels. So a 6.1 billion barrel reserve is a great figure," Energy Minister Alparslan Bayraktar told reporters during a visit to southeast Turkey this week. The minister previously heralded the March agreement as "a new era in local crude oil exploration" with Turkey viewing shale oil and gas discoveries as a key development. It is aiming to produce shale gas from the northwestern Thrace region, Bayraktar said. "Shale oil and shale gas could be a game changer," he said. Continental Resources did not immediately respond to a request for comment. Turkey is not a major oil and gas producer and currently imports more than 90% of its energy needs. The government is looking to cut its import bill and boost supply security by developing domestic resources and expanding international partnerships in oil and gas exploration. President Tayyip Erdogan recently announced that Turkey had discovered a new reserve of 75 billion cubic metres (bcm) of natural gas during drilling works in the Black Sea. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
21-05-2025
- Business
- Yahoo
Estimated 6 billion barrel shale oil reserve in southeast Turkey, minister says
By Nevzat Devranoglu SIRNAK, Turkey (Reuters) -U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said. Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin. "Turkey's current annual (crude) oil import amounts to 365 million barrels. So a 6.1 billion barrel reserve is a great figure," Energy Minister Alparslan Bayraktar told reporters during a visit to southeast Turkey this week. The minister previously heralded the March agreement as "a new era in local crude oil exploration" with Turkey viewing shale oil and gas discoveries as a key development. It is aiming to produce shale gas from the northwestern Thrace region, Bayraktar said. "Shale oil and shale gas could be a game changer," he said. Continental Resources did not immediately respond to a request for comment. Turkey is not a major oil and gas producer and currently imports more than 90% of its energy needs. The government is looking to cut its import bill and boost supply security by developing domestic resources and expanding international partnerships in oil and gas exploration. President Tayyip Erdogan recently announced that Turkey had discovered a new reserve of 75 billion cubic metres (bcm) of natural gas during drilling works in the Black Sea.
Reuters
21-05-2025
- Business
- Reuters
Estimated 6 billion barrel shale oil reserve in southeast Turkey, minister says
SIRNAK, Turkey, May 21 (Reuters) - U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said. Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin. "Turkey's current annual (crude) oil import amounts to 365 million barrels. So a 6.1 billion barrel reserve is a great figure," Energy Minister Alparslan Bayraktar told reporters during a visit to southeast Turkey this week. The minister previously heralded the March agreement as "a new era in local crude oil exploration" with Turkey viewing shale oil and gas discoveries as a key development. It is aiming to produce shale gas from the northwestern Thrace region, Bayraktar said. "Shale oil and shale gas could be a game changer," he said. Continental Resources did not immediately respond to a request for comment. Turkey is not a major oil and gas producer and currently imports more than 90% of its energy needs. The government is looking to cut its import bill and boost supply security by developing domestic resources and expanding international partnerships in oil and gas exploration. President Tayyip Erdogan recently announced that Turkey had discovered a new reserve of 75 billion cubic metres (bcm) of natural gas during drilling works in the Black Sea.
Yahoo
20-05-2025
- Business
- Yahoo
Continental Resources files lawsuit against Hess over alleged $69m fraud
Continental Resources has reportedly initiated legal action against Hess, alleging that the company has been defrauded out of as much as $69m, according to a report by Reuters. The lawsuit, filed in a federal court in Houston, accuses Hess of inflating midstream service fees via transactions with its subsidiaries. These transactions affected Continental's revenue from oil and gas production wells, in which the company holds a non-operating working interest. The litigation points to Hess' operation of approximately 483 wells in the Williston Basin, North Dakota. According to the lawsuit, net revenues for hydrocarbons have been significantly reduced due to the excessive service fees paid to Hess Midstream Partners, the report said. Continental, based in Oklahoma, claims that Hess has prioritised the transfer of value to its midstream assets, neglecting the best interests of non-operating working interest owners. Hess Midstream, in which Hess Corp holds a 38% interest, has seen an increase in throughput volumes across gas processing, oil terminals and water gathering, as reported in its earnings last month. The financial impact on Continental is substantial, with an estimated loss of revenue ranging from $34m to $69m, according to the lawsuit. Continental has stated that it does not comment on pending litigation. Meanwhile, Hess has not provided a response to the allegations. In a related development, an arbitration is scheduled for 26 May concerning the dispute between Exxon and Chevron over Chevron's proposed $53bn acquisition of Hess. This acquisition, which includes the significant Stabroek block off the coast of Guyana, has been a contentious issue between the two leading US oil producers for the past 18 months. Exxon, which filed the arbitration claims in March last year, operates the Stabroek block with a 45% interest, alongside CNOOC with a 25% stake. "Continental Resources files lawsuit against Hess over alleged $69m fraud" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
