Russian Oil-dependent Country Finds Largest Deposits In Its History

Billions of barrels of reserves.

U.S. oil producer Continental Resources estimates shale oil reserves in Turkey's southeastern Diyarbakir basin at 6.1 billion barrels, Turkey's energy minister said.

According to Reuters.

If those reserves are confirmed, it would put Turkey above some OPEC members such as Congo or Gabon and other major producers such as Britain.

In March, Continental Resources and Turkish national oil company TPAO signed a joint venture agreement to develop shale deposits in the basin.

"Turkey's current annual oil imports are 365 million barrels. Hence, 6.1 billion barrels is a remarkable figure," Energy Minister Alparslan Bayraktar said.

The minister earlier described the March agreement as a "new era" as Turkey sees the discovery of shale oil and gas as a key development. Bayraktar said the company intends to produce shale gas in the northwestern region of Thrace.

"Shale oil and shale gas can change the rules of the game," he said.

Turkey, which now covers more than 90 percent of its energy needs through imports, is seeking to reduce import costs and improve security of supply by developing domestic resources and expanding international partnerships in oil and gas exploration.

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