Canadian Junior Targets Growth off Turkey
Canadian oil and gas firm Trillion Energy aims to ramp up production at the South Akcakoca gas basin (Sasb) fields in the Turkish Black Sea, it said on June 18.
The company is carrying out work to extend the lifespan of its Phase I and II wells at the fields. By lowering producing pressure, the company has managed to increase output by 50% to 1.517mn ft/d, it said. Trillion is now drawing up a comprehensive re-development programme to expand production levels even further by targeting additional proven gas reserves.
CEO Arthur Halleran noted that Trillion sold its gas in Turkey at between $6.00 and $7.60/'000 ft3, representing a "substantial" premium to the price offered in North American markets.
Sasb was one of the Black Sea's first oil and gas developments. Production was started in 2007, with development costs to date totalling $608mn. Trillion also has interests in onshore fields in southeast Turkey and a gas project in Bulgaria.