Canada's Valeura Energy has almost completed its first drilling in Turkey's Thrace Basin with Norway's Statoil while a second drilling is currently being planned, according to Jim McFarland, president and chief executive officer of Valeura on Monday.
In an exclusive interview with Anadolu Agency, McFarland said that Valeura, which has been operating in Turkey since 2010, drilled 4,200 meters in the Thrace Basin, west of Istanbul.
According to the U.S. Energy Information Administration in 2013, shale gas and oil potential across Turkey is about 23 trillion cubic feet of gas and 4.7 billion barrels of oil. This includes potential in western Turkey in the Thrace Basin and in the east in the Anatolian Basin.
"We will announce the results in the fourth quarter of this year. It will take some time. We have to design the program and execute it [for exploration and extraction]," he said.
The CEO said the Canadian company has always been encouraged with the basin's potential.
"There has not been very much deep drilling in the Thrace basin. This is the second-deepest well," he said and added that Valeura and Statoil are arranging a second drilling in the Thrace Basin, which is planned to start in 2018.
He explained that as Turkey imports more than 90 percent of its oil and gas needs, he suggested that there should be very active exploratory programs for companies like Valeura.
"We always thought that Turkey was under-explored. All the discoveries haven't been made yet particularly with unconventional drilling. So obviously you need to encourage that kind of activity," he said.
McFarland noted that the Turkish government is interested in more drillings in the Black Sea and the Mediterranean.
"You are never late. There has been some drilling in the Black Sea, some success has been achieved outside Turkey in the Black Sea but I think there is still potential in Turkish waters. I think there is still untapped potential in Turkey. There can be success. We have been operating in Turkey for almost seven years and we will continue our business in the Thrace Basin," he said.
Valeura Energy, established in 2010, is a Canada-based public company engaged in the exploration, development, and production of petroleum and natural gas in Turkey.
The company’s shares are traded on the Toronto Stock Exchange in Canada under the trading symbol VLE.
The company has executed a number of transactions and currently holds interests in 21 production leases and exploration licenses in the Thrace Basin of Turkey. Valeura’s petroleum and natural gas sales in the Thrace Basin of Turkey in the first quarter 2017 averaged 807 barrels of oil equivalent per day.