Canada’s oil and gas player Trillion Energy has entered into a non-disclosure agreement with a Global energy trading company, to explore strategic energy opportunities in Bulgaria and Türkiye.
This three-year deal – inked due to the mutual recognition that the search for new sources of natural gas supply in the European region is “paramount” – will enable the duo to share information on a confidential basis regarding potential new business opportunities to be advanced together. The trading company had a revenue of more than $100 billion in 2022, says the Canadian firm. According to Trillion, its recent ongoing drilling campaign in the Black Sea, using long-reach directional drilling technology, and its Vranino 1-11 natural gas exploration block, which has significant gas resources, played a role in this agreement. Therefore, the two companies will discuss advancing the Vranino 1-11 CBM natural gas exploration project in Bulgaria.
Trillion’s Vranino 1-11 lease is 98,205 acres (397 km2) with third-party natural gas resource report estimates entailing undiscovered OGIP (best estimate) of 1.15 Tcf and unrisked gross 2P (prospective natural gas resource) of 573 Bcf.
Furthermore, the implementation of the interconnector Greece-Bulgaria (IGB) and the expansion of infrastructure in Türkiye and Bulgaria whereby LNG gas is shipped to Türkiye and piped to Bulgaria provides alternative sources of natural gas.
With the expansion of the infrastructure in Türkiye, Bulgaria, Romania, Hungary, and Slovakia, Trillion highlights that pipeline conduits will be available to provide Europe with natural gas, which is what the trading company excels at – “buying, distributing, and selling energy.”