Trillion Energy’s stake in giant Black Sea gas field up for sale

April 1, 2026, by Melisa Cavcic

Canada’s oil and gas player Trillion Energy is on the lookout for a buyer of its interest in a gas field in the Black Sea off the coast of Türkiye.

An offshore platform with two vessels approaching — A platform at SASB gas field; Source: Trillion Energy

The company, through its wholly-owned Cayman Islands subsidiary, Park Place Energy (PPE), holds a 49% working interest in the South Akcakoca Sub-Basin (SASB) natural gas project located in the Black Sea. This project is operated by Turkish Petroleum Corporation (TPAO), Türkiye’s national oil and gas company, which is the 51% owner and operator of the field.

Trillion claims to be actively seeking buyers for its 49% interest in the SASB conventional gas field in the Southwestern Black Sea, which is said to contain numerous conventional natural gas pools in shallow water. The field saw redevelopment activities, thanks to a planned multi-well program that kicked off in 2022.

SASB field development; Source: Trillion Energy

The company, through a wholly owned subsidiary, has also signed a new agreement to earn a 29% working interest in the M47 Block located in Turkey in exchange for a total investment of $15 million. This is subject to, inter alia, the firm paying for certain work program costs on a timely basis.

The work program is expected to include new exploration wells and the acquisition of seismic data. The total cost for the M47 block shared by the existing parties is approximately $35 million, of which around $18 million has been expended to date.

Trillion will bear 80% of the cost of the next two wells, as well as certain seismic costs. The company is responsible for advancing two funding tranches: the first one is $9.5 million for the 2026 work program, and the second is $5,500,000 for the 2027 work program.

A Joint Operating Committee will determine all drilling decisions, planning, and procurement matters. Following the firm’s investment, the parties to the M47 Block will bear costs in proportion to their participating interests.

The previously announced farm-in agreements on M47, M46C, and M46D blocks have been cancelled. Trillion is also actively pursuing further oil and gas opportunities across Türkiye and the broader region.