Shale oil

Türkiye, which has been working to reduce its dependency on imported energy, is now turning to extract large shale gas reserves estimated at 679 billion cubic meters.

As part of its efforts to diversify its energy resources, the country has already discovered 710 billion cubic meters of natural gas in the Black Sea and millions of barrels of oil in the southeastern Gabar region.

The oil industry needs to quickly step up investment to meet rising demand as the booming US shale sector will only be able to quench the global thirst for crude for the next two years, the International Energy Agency said on March 5.

Global demand for OPEC crude in 2015 will be less than expected and far below its current output, the group said Dec. 10, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.