Turkish Petroleum inks deal with US oil giants

ISTANBUL

Türkiye's state-owned Turkish Petroleum Corporation on Wednesday signed a joint venture agreement with US oil giants Continental Resources and TransAtlantic Petroleum, Turkish Energy Minister Alparslan Bayraktar announced.

The deal includes cooperation for the development of Türkiye's unconventional oil and natural gas resources in the southeastern province of Diyarbakir.

"The project, which will be carried out with the most up-to-date environmental and technological practices, will also provide training for the local workforce and technical knowledge transfer," he said on X.

"This cooperation will greatly contribute to our goal of bringing Türkiye's oil and gas resources to our economy.

"I hope that this agreement, which opens a new era in oil exploration in Türkiye, will be beneficial for all parties," he added.

Continental Resources is one of the largest oil producers in the US, and TransAtlantic Petroleum has been operating in Türkiye for 17 years

Turkish Petroleum has been expanding its cooperation network as the company collaborated with Azerbaijan, Libya, Somalia and Russia, and the company's CEO Ahmet Turkoglu signaled cooperation with Libya in January.