Realised gas price soars at Turkey-focused Trillion Energy
Trillion Energy, an E&P company active in Turkey and Bulgaria, has achieved a 47% month/month price increase for gas extracted from its SASB gas field in Turkey, the company announced September 2.
The new realised price of $31.68/'000 ft3 came into effect September 1, reflecting a 3.5x rise in regional gas prices since 2021, when Trillion's realised average was $8.84/'000 ft3.
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Soaring Turkish prices for Trillion's gas were attributed to Nord Stream's outages, but supply was also squeezed by difficulties at German nuclear stations, the ongoing conflict in Ukraine and other factors restricting southeast European supplies.
Trillion Energy is positioning itself to benefit from strong economic growth in Turkey, where GDP increased 7.6% yr/yr in Q2 2022, according to national figures. Turkey typically imports Azerbaijani gas through the Trans-Anatolian gas pipeline, however Azeri fields are pumping more gas to cover shortfalls elsewhere in Europe, in light of Gazprom's curtailment of Europe-bound routes.
BP shut down one of two platforms at Azerbaijan's Shah Deniz 1 gas field, which serves Turkey as well as Georgia, for a planned 14-day turnaround on August 1, which may have also impacted Turkish supplies.
SASB currently produces gas from seven production wells. Trillion is preparing to drill a further seven wells in a development programme set to begin next week. SASB's 2P reserves are pegged at 20.25bn ft3, with a further 23bn ft3 in risked prospective resources.
Arthur Halleran, CEO of Trillion Energy, said: "We believe the recent price increases will significantly enhance the economic performance of our seven well drilling program set to commence next week at the SASB gas field."