TR Oil & Gas Exploration Update & Discussion

Quasar

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Trillion Energy is in everywhere :devilish:

question is not foreign investment

question is who is Trillion Energy???

-Trillion Energy International Inc. holds a 49% interest in the SASB natural gas field in Türkiye, one of the Black Sea’s first and largestscale natural gas development projects. The company also holds a 19.6% (except three wells with 9.8%) interest in the Cendere oil field in Türkiye and a 100% interest in, the Vranino 1-11 block in Bulgaria, which is prospective unconventional natural gas.

-We are initiating coverage of Trillion Energy International (TCF-CSE) with a BUY rating and a C$1.50 price target. TCF is a natural gas focused E&P with assets located in Türkiye and we believe that the company offers North American investors unique pure-play exposure to European gas pricing.

-On our Eight Capital price deck, which assumes Turkish gas prices of US$26/Mcf in 2023, we see the average well generating an NPV10 of US$66 million, with an IRR greater than 500% and a pay-out of 3 months. This quick generation of free cash flow results in a self-funded 20-well development program

-The SASB Field, which is located roughly 10 miles offshore of Türkiye in ~100m deep water of the Black Sea, was first discovered in 2004. Since then, predecessors have invested over US$600 million in the field with the construction of platforms and the drilling of more than 20 wells. TCF plans to save capital by focusing its near-term development program on drilling off these existing platforms. Based on our average type-well assumptions, we estimate successful wells generate NPV10s of US$66 million, IRRs in excess of 500% and payouts in 3 months under our Eight Capital price deck assumptions (long term price of US$16/Mcf). This leads to TCF being able to quickly recycle cash back into drilling, resulting in a self-funded development program. The company plans on developing 11 locations this year for an estimated US$55 million in capital followed up by 6 wells in 2024 for US$40 million. Due to advantageous price realizations and a low-cost structure, TCF commands extremely high cash netbacks.
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https://trillionenergy.com/investors/


if you like you can read more from investors section

https://www.globenewswire.com/news-...NT-APPOINTMENTS-AND-ISSUES-STOCK-OPTIONS.html

Vancouver, B.C., July 28, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on a senior executive appointment and new management hires as follows.

Senior Executive Appointment

Kubilay Yildirim has been promoted to Chief Operating Officer for Trillion. He has been the General Manager of Park Place Energy Turkey Limited, Trillion’s Turkiye subsidiary. He is also a director of Trillion. Mr. Yildirim has 24 years hands-on experience in drilling, production, seismic acquisition, and logistics for both onshore and offshore projects in Turkey. He has spent most of his career with the Company including during the discovery and initial development of the SASB gas field. Mr. Yildirim has a degree in Petroleum and Natural Gas Engineering from Middle East Technical University and an MBA from Bilgi University in Istanbul.

Non-Executive Appointments

Mr. Huseyin Nevzat Topaloglu is appointed SASB Project Manager. He has a BS Degree in Petroleum Engineering from Middle East Technical Univ. and MS Degree in Petroleum Engineering from Stanford University (1971). He worked as a well-site drilling engineer, drilling supervisor, senior staff drilling engineer and drilling manager in several companies and has fifty years of experience in operation execution and planning and designing oil and gas wells in Turkey, the Aegean Sea, Black Sea, Sea of Marmara, Israel and Libya.

Mr. Fadil Duman is appointed SASB Drilling Manager. He has 18 years of experience in the oil and gas industry focused on drilling, completion and workover engineering matters for land and subsea wells. He started his career in Turkish Petroleum Corporation then followed by Chevron, Petoil Inc, Crescent Petroleum and Park Place Energy. Fadil served in different locations such as Middle East countries and the Western Atlantic Coast of Central Africa countries. He is additionally a skilled expert on deep-water drilling design and operations. Fadil holds several licenses and certifications and holds a BSc. degree in Petroleum and Natural Gas Engineering from Istanbul Technical University.

Mr. Gokhan Solak is appointed SASB Senior Drilling Engineer. He has 15+ years of experience including 4 years in offshore wells and 11 years in onshore wells as a Drilling Supervisor. He has worked at offshore wells in the Black Sea and the Mediterranean Sea and has experience in Northern Iraq, Afghanistan, and Kazakhstan regions. Gokhan has a Bachelor of Science degree from Middle East Technical University, Petroleum and Natural Gas Department.

Mr. Ergin Ince is appointed Shorebase Manager. He has 20 years of experience in several E&P companies, for both offshore and onshore projects as Procurement and Shorebase Manager. He has undertaken the responsibilities in designing procurement policies, quality management systems, logistics modelling and planning, shorebase configuration and installation and management, and marine services. Ergin has a degree in department of public finance from Uludağ University.​
 
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Saithan

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F3Le1fYbwAEzGCS

F3Le4AlXwAAWxH6



ABDULHAMİDHAN Drilling Ship WILL START DRILLING BETWEEN 10 AUGUST 2023-06 FEBRUARY 2024 AT AKSEKİ-1 FIELD. The new projection area will be excavated at the location I marked on the map as STEP 2 and will hit the target from 12.
Will start ?

Did it start ? is it there now and drilling ?

1691754518957.png


Guess it must have lost it's way or is dreaming of where it is compared to it's actual location.
 

TheInsider

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TheInsider

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Bad location to drill. Low chance to find meaningful reserve. The previous drilling location was also bad but interestingly crew encountered a trace amount of gas so TPAO decided to conduct seismic studies around the drilling location.

The big red dot is the previous drilling location.
IMHO black areas have gas and they are not risky zones so we should be drilling those areas.
There are naturally burning rocks on the mainland around the green star near the small black rectangle area
The current drilling location is the red star at the east near the shore.
Yellow stars are mud volcanoes.
SK points (green dots) are possible/advised drilling locations.
White dots with names are previous drilling locations that turned out to be dry/empty or had trace amounts of gas.
View attachment 51127

I'm reposting this. Interested forum members should read the original post.
 

Bogeyman 

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Shtr

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Turkiye will also export 4 million cubic meters per day to Romania. Daily production from Sakarya Gas field reached 4 million cubic meters expected to rise to 6 million by the end of 2023. That is 4 million short of the 10 million target.

I have checked our daily production rates and it seems there is conflict at here. Why are these numbers conflicting with the numbers at your assumption?


 

TheInsider

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I have checked our daily production rates and it seems there is conflict at here. Why are these numbers conflicting with the numbers at your assumption?


There is no conflicting info. Those statistics are not updated.
 

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@TheInsider


what do you now about?
I already explained this in the past. Nothing new here. Reserves in Kato are expected to be bigger than Gabar. Nothing we don't know. It might be announced on the anniversary of the republic. It is really hard to develop the reserves though because of geography. Discovery in Gabar provided us with a formula now we know where to look for. We drill the same geological formations to discover oil. This increases our chances of discovery.
 
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Bogeyman 

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Exclusive-Russia’s Lukoil lends Socar $1.5 billion in deal to supply its Turkish STAR refinery –sources​


Private Russian oil producer Lukoil will lend Azeri state oil firm Socar $1.5 billion as part of a broader deal that will allow Socar’s 200,000-barrel-per-day Turkish STAR refinery to process Russian crude again, three industry sources familiar with the deal said on Thursday.

The deal will give Lukoil another customer in close proximity to Russian ports after most European refiners stopped importing its crude to comply with European Union sanctions imposed after Moscow launched what it calls a “special military operation” in Ukraine in 2022.

Turkey has not imposed sanctions on Russia and continues to import Russian oil and gas.

The STAR refinery, however, had to cut Russian crude imports this summer due to complications arising from international financial restrictions on business with Moscow.

The refinery decreased imports of Urals oil earlier this year before completely suspending purchases in August-September, replacing it with Kazakhstan’s KEBCO oil which is of a similar quality and still loaded from Russian ports, according to LSEG Eikon data.

STAR purchased an average of 100,000 barrels per day (bpd) of Urals in 2022 but below 50,000 bpd so far this year, LSEG data shows.

Lukoil will start delivering Urals to STAR from October and is expected to supply some 100,000 bpd, equivalent to half of the plant’s capacity, the sources said.

Three tankers sourced by Lukoil - Azure Celeste, Ocean Faye and Sea Fidelity - are heading to Turkey from Primorsk after each loading 100,000 tonnes of Urals at the end of September and early in October, LSEG data shows. The tankers are the first shipments under the new supply deal, one of the sources said.

Lukoil will also provide Socar with a $1.5 billion loan, the sources said. Socar has borrowed heavily to build STAR over the past decade.

Neither Lukoil, Socar nor STAR responded to requests for comment. The sources did not know the duration of the supply deal or the loan terms.

Lukoil has been subject to some U.S. sanctions on the Russian energy sector since 2014 but has avoided the harsher measures imposed on its peers since 2022. The company’s trading arm Litasco still supplies oil to its EU refineries in Bulgaria and Romania and has offices in Dubai and Geneva.

STAR, commissioned in 2018, was designed to primarily refine sour oil like Urals or Kirkuk. Since cutting imports of Russian oil, it has relied on Kazakh, West African and Iraqi oil grades, according to LSEG data.

 

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Exclusive-Russia’s Lukoil lends Socar $1.5 billion in deal to supply its Turkish STAR refinery –sources​


Private Russian oil producer Lukoil will lend Azeri state oil firm Socar $1.5 billion as part of a broader deal that will allow Socar’s 200,000-barrel-per-day Turkish STAR refinery to process Russian crude again, three industry sources familiar with the deal said on Thursday.

The deal will give Lukoil another customer in close proximity to Russian ports after most European refiners stopped importing its crude to comply with European Union sanctions imposed after Moscow launched what it calls a “special military operation” in Ukraine in 2022.

Turkey has not imposed sanctions on Russia and continues to import Russian oil and gas.

The STAR refinery, however, had to cut Russian crude imports this summer due to complications arising from international financial restrictions on business with Moscow.

The refinery decreased imports of Urals oil earlier this year before completely suspending purchases in August-September, replacing it with Kazakhstan’s KEBCO oil which is of a similar quality and still loaded from Russian ports, according to LSEG Eikon data.

STAR purchased an average of 100,000 barrels per day (bpd) of Urals in 2022 but below 50,000 bpd so far this year, LSEG data shows.

Lukoil will start delivering Urals to STAR from October and is expected to supply some 100,000 bpd, equivalent to half of the plant’s capacity, the sources said.

Three tankers sourced by Lukoil - Azure Celeste, Ocean Faye and Sea Fidelity - are heading to Turkey from Primorsk after each loading 100,000 tonnes of Urals at the end of September and early in October, LSEG data shows. The tankers are the first shipments under the new supply deal, one of the sources said.

Lukoil will also provide Socar with a $1.5 billion loan, the sources said. Socar has borrowed heavily to build STAR over the past decade.

Neither Lukoil, Socar nor STAR responded to requests for comment. The sources did not know the duration of the supply deal or the loan terms.

Lukoil has been subject to some U.S. sanctions on the Russian energy sector since 2014 but has avoided the harsher measures imposed on its peers since 2022. The company’s trading arm Litasco still supplies oil to its EU refineries in Bulgaria and Romania and has offices in Dubai and Geneva.

STAR, commissioned in 2018, was designed to primarily refine sour oil like Urals or Kirkuk. Since cutting imports of Russian oil, it has relied on Kazakh, West African and Iraqi oil grades, according to LSEG data.


I wonder would it be possible for Türkiye to use the current disruption in the Russian-EU oil trade to build up its own oil refining industry.

Türkiye's oil refining industry is sadly comically small since it only produces 735 thousand barrels daily. In contrast, Greece produced 528 thousand barrels daily in 2015, and Italy produced 1.7 million barrels daily. Greece sold $2.06B of oil to Türkiye and Italy sold $655 million.
 

dBSPL

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I wonder would it be possible for Türkiye to use the current disruption in the Russian-EU oil trade to build up its own oil refining industry.

Türkiye's oil refining industry is sadly comically small since it only produces 735 thousand barrels daily. In contrast, Greece produced 528 thousand barrels daily in 2015, and Italy produced 1.7 million barrels daily. Greece sold $2.06B of oil to Türkiye and Italy sold $655 million.
Turkiye is a huge market for petroleum refining products. Petkim General Manager Anar Mammadov has a very striking statement about this: "The market is growing by 4 percent every year. STAR Refinery meets 25 percent of Turkey's diesel demand. However, this is not enough. Because 8 Petkim more need to be established to meet the needs and saturate the market."

The Aliağa Star refinery is the second or third largest industrial facility in TR. Socar has been strengthening Turkiye's energy infrastructure with direct and indirect investments worth 20 billion dollars in the last 15 years. Then there is Tüpraş and the İzmit refinery, traditionally the backbone of Turkish petroleum products production.

There are huge investment plans, especially in polypropylene production. One of these is Sonatrach's plant works in Ceyhan, which will largely end Algeria's dependence on foreign imports. I read something about it a long time ago, and the plan was that the oil would come from Algeria, be processed in the refinery in Ceyhan and then exported to a large extent, and the size of the investment is estimated at several billion dollars. There are other medium-sized investment plans of this kind that are going on through foreign state investment funds or national companies. I think we are not at the desired point, but our market advantage enables the sector to maintain its investment momentum. If a friend of ours could do a detailed sectoral survey, it would be really helpful.
 

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TIL that Turkiye's oil refining infrastructure is underdeveloped, and this might be the cause of the high prices at the pump, and the annual 2-something billion dollars of hydrocarbon products import from Greece, something which I voiced my disdain for several times here.
 

dBSPL

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TIL that Turkiye's oil refining infrastructure is underdeveloped, and this might be the cause of the high prices at the pump, and the annual 2-something billion dollars of hydrocarbon products import from Greece, something which I voiced my disdain for several times here.
I have the expectation that the deficit in this area will be overcome in 12-15 years. The transformation of the automotive industry and current breakthrough in renewable energy & next generation energy storage technologies will indirectly play a role in this. In this regard, when we look at investment plans, petrochemicals are constantly at the forefront.
 
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