Test Well Boosts Valeura's Confidence in Turkey

Monday, January 28, 2019

Valeura said on Monday that findings from a test well in Turkey's Thrace basin, where it operates with Norway's Equinor, had boosted its confidence in the area's potential for gas fracking.

Toronto-listed Valeura and its partners sit on 20 trillion cubic feet, or roughly 3.5 billion barrels of oil equivalent, of potential gas and condensate resources two hours from Istanbul, which they are fracking at a depth of more than 3 kilometers (1.86 miles).

Valeura CEO Sean Guest said results from the appraisal well supported the company's view that there was a gas accumulation in the Thrace Basin.

"We are encouraged by the results and look forward to now drilling (the well) Devepinar-1, 20 kilometers west, to prove that the play is pervasive across the basin," he said.

Guest added the company was also focusing on the completion and testing program for the Inanli-1 well.

"With several reservoir sweet spots, and intervals of increased natural fracturing identified, we are eager to test flow rates," he said, adding that fracking and testing operations are planned to start around the end of March.

The company, which also produces conventional gas at shallower depths of the Thrace basin, is eyeing a secondary listing on the London stock exchange this year to fund future drilling in the basin.

Norwegian energy giant Equinor got an early foot in the door with a 50 percent stake in the deep gas project. It is paying for seismic data and two test wells and is expected to take over operation of the site at the end of the year.

Valeura could also sell at least part of its stake before the project goes into full commercial production.

Turkey, which imports virtually all of its gas and is looking to lessen its dependence on Russian energy, supports the project.

Valeura says it has not encountered any local protests such as those seen in Britain, which is currently the only European country with active shale operations.

The tight rock targeted by Valeura can be compared to some geologies in the United States that produce gas already, the company said. 


(Reporting By Shadia Nasralla; Editing by Kirsten Donovan)

Categories: Middle East Drilling

Related Stories

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Turkey Discovers New Black Sea Gas Reserve

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

CNOOC Puts Into Production New Oil Field in South China Sea

Current News

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Saipem Marks First Steel Cut for Tangguh UCC Project at Karimun Yard

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com