First new gas production from Black Sea field slated for end of October

Following the delay in kicking off its 2022 – 2023 drilling campaign on a natural gas field in the Black Sea offshore Türkiye, Canada’s oil and gas producer Trillion Energy is now days away from putting its plans into action as a rig, hired for this, is expected to mobilise to the field soon.

Back in February 2022, Trillion’s 100 per cent subsidiary, Park Place Energy Turkey Limited, hired a rig for its drilling campaign by inking a memorandum of understanding with Romania’s GSP Offshore for the Uranus jack-up rig and followed it three months later with a definitive offshore drilling services contract.

In August 2022, Trillion confirmed that the rig was expected to be approved for departure to the SASB field on 26 August and was expected to arrive at the shallow water conventional gas field on 29 August 2022 to undertake this multi-well drilling programme, which was scheduled to start on or about 1 September 2022.

However, the Canadian firm disclosed in late August that during the rig inspection deficiencies with the top drive and ballast tank were identified, requiring repairs for worker and rig safety, which were expected to be completed that week. This delayed the start of the company’s 2022 – 2023 drilling campaign.

In an update on Tuesday, Trillion Energy revealed that the Uranus rig was nearing the end of its preventative maintenance before mobilisation to the SASB gas field. The firm explained that the rig was slated to depart for the field on 8 September and scheduled to arrive on 11 September.

Arthur Halleran, CEO of Trillion Energy, remarked: “As investors have been eagerly anticipating and requesting daily updates on the rig mobilisation for our drilling programme; I have been personally keeping on top of the rig status on a daily basis. I am confident the September 8th departure date will allow us the time to have the necessary rig repairs identified and completed.”

According to Trillion, the PSU Altair ship is due to arrive on 9 September for loading of all equipment and materials from the shore base to Akcakoca offshore platform, where the rig will be positioned upon arrival. The Canadian player’s multi-well development programme includes seven natural gas production wells.

“As Trillion is now able to sell its natural gas production for $30.68/mcf; and with the news today of Russia shutting off all natural gas supply from the Nord-Stream pipeline until sanctions are lifted, we expect further upward price pressure on natural gas to occur over the winter. With the drilling rig arriving September 11th, the first new gas production is expected around the end of October 2022 which will capture the high gas prices,” outlined Halleran.