ANKARA
By Ovunc Kutlu and Gulsen Cagatay
Canadian-based company Valeura Energy has announced three new gas discoveries in Turkey's northwest.
Jim McFarland, president and chief executive officer of Valeura, which is engaged in the exploration, development and production of petroleum and natural gas in Turkey, said on the company's website on Tuesday: "We are very excited to announce the successful results from a new conventional natural gas exploration program in the sparsely drilled Osmanli area.
"Three exploration wells have been drilled to date on new 3D seismic, all of which have discovered gas, which could potentially add 6 to 7 million cubic feet (around 200,000 cubic meters) per day to productivity by late October when the wells are expected to be tied-in."
Turkey's natural consumption in 2014 was 45 billion cubic meters.
"One of the successful exploration wells at Gurgen-1 is only 500 meters from the boundary of Valeura's 100 percent owned Banarli license and has assisted in identifying a number of Osmancik formation exploration prospects and leads on our acreage," McFarland said.
Gurgen-1 well, where the most significant discovery was made, is expected to be completed in mid-October, while the cost to drill and complete the well was approximately $950,000 in total, said the statement.
"A short flow test was carried out at an initial rate of approximately 4 million cubic feet (113,000 cubic meters) per day," the announcement said.
- Exploration plans
The gas discoveries were made on joint-venture lands acquired from Thrace Basin Natural Gas Corporation and Pinnacle Turkey Inc. in the Osmanli area, while Valeura plans to explore for conventional natural gas in 2014.
The Tavanli-1 exploration well was drilled into the Osmancik formation, while a short flow test was carried out at an initial rate of approximately 2 million cubic feet (57,000 cubic meters) per day, as the cost to drill and complete the well was approximately $660,000, said the statement.
The Biyikali-2 sidetrack exploration well was also drilled into the Osmancik formation, with a short flow test at an initial rate of approximately 1.5 million cubic feet (42500 cubic meters) per day, as the cost to drill and complete the sidetrack was approximately $500,000, the statement said.
According to the announcement, net petroleum and natural gas sales in Turkey in the third quarter of 2014 averaged approximately 996 barrels of oil equivalent per day, which was 3 percent higher than sales in Turkey in the third quarter of 2013.
These sales included 5.9 million cubic feet (167,000 cubic meters) per day of natural gas.
Net petroleum and natural gas sales in Turkey in the first nine months of 2014 averaged 1,129 barrels of oil equivalent per day which was up 32 percent from the same period in 2013, the announcement said.
Valeura was established in 2010 and currently holds interests in 14 production leases and exploration licences in Turkey, while the company sold its small, non-strategic Canadian assets on August 19.
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