BAKU, Azerbaijan, Feb.5
By Leman Zeynalova – Trend:
Norway’s Equinor will not prioritize capital towards further activities in the Banarli and West Thrace licences in Turkey, the company told Trend.
Equinor’s partner in this project Valeura Energy said it has received notification from its joint venture partner Equinor indicating that it intends to discontinue participation in the deep gas appraisal program in Thrace, Turkey.
Valeura and Equinor have begun discussions on the commercial mechanism by which Equinor will exit the play and the company will provide more detail in due course.
“We can confirm that we will not participate in the next phase in the Banarli and West Thrace licences in Turkey. The exploration program has proven gas and condensate. However, following the well results Equinor will not prioritise capital towards further activities in the licences and are now considering possible options with respect to our interests,” said Equinor.
In 2016 Equinor (then Statoil) farmed into an onshore acreage operated by Valeura Energy Inc. Equinor holds a 50 percent interest in formations deeper than 2500 metres within the Banarli and West Thrace licences. Valeura holds 50 percent in the deep formations in the Banarli licence, and 31.5 percent in the deep formations in the West Thrace. The remaining 18.5 percent in West Thrace is held by Pinnacle Turkey.
Securing access was motivated by the desire to test the potential of an unconventional basin-centred gas play in the region. The first deep exploration well, Yamalik-1 in the Banarli licence, was drilled in 2017 and proved a gas and condensate discovery.
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