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Jul 20, 2023 17:33 EEST
July 20 (SeeNews) - Canadian oil and gas company Trillion Energy International said on Thursday that it is looking at strategic opportunities with an unnamed global energy trader to accelerate exploration at its licensed Vranino 1-11 onshore natural gas block in northeastern Bulgaria and to identify business possibilities in Turkey.
Trillion Energy and its unnamed partner signed a non-disclosure agreement to share confidential information on potential joint business opportunities in Turkey and in Vranino, which has coalbed methane natural gas exploration potential, the company said in a press release.
The energy trading company, involved in buying, distributing, and selling natural gas, generated revenue of more than 100 billion US dollars ($89.4 billion euro) in 2022, according to the statement.
"What precipitated the initiative is the mutual recognition that discovering new sources of natural gas in the European region is paramount, Trillion’s recent technological success in the Black Sea using long-reach directional drilling technology and Trillion’s Vranino 1-11 natural gas exploration block which has significant gas resources, and which remains unexplored by Trillion," the Canada-listed company noted.
In April last year, Trillion Energy announced it aims to speed up the start of exploration at Vranino 1-11 in the Dobrich region, given the changes in Bulgaria's energy environment resulting from the halt of Russian Gazprom's deliveries in the early weeks of the Ukraine war.
According to independent third-party estimates from 2014, the 397 sq km Vranino block has undiscovered gas reserves of some 1.15 billion cubic feet (32.6 million cu m). Its unrisked gross prospective natural gas resource amounts to 573 bcf (1.6 bcm).
With the now commissioned Greece-Bulgaria gas interconnector and in light of the expansion, ongoing and planned, of energy infrastructure in Turkey, Bulgaria, Romania, Hungary and Slovakia, Trillion said it acknowledged the significant opportunities to gain access to pipeline infrastructure in the region.
Trillion Energy has natural gas assets in Turkey and Bulgaria. It owns 49% of the SASB natural gas project in Turkish waters in the southwestern Black Sea, and a 19.6% interest - except three wells with 9.8% - in the 25-well Cendere onshore oil field in southeast Turkey.
($ = 0.8944 euro)
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