Statoil to help tap Turkish gas

17 May 2016   Turkey

Norwegian energy company Statoil said Monday it signed an agreement with a Canadian exploration company to help explore the shale gas potential in Turkey. According to the terms of an agreement , Statoil takes a 50 percent stake in the Barnali license in northwestern part of Turkey, while Toronto-listed Valeura Energy keeps the remaining shares and stays on as the operator in an area known to produce gas for nearly 100 years. Statoil agrees to help finance the exploration in an area that Valeuera said has a “significant upside potential” using hydraulic fracturing technology. Formations in northwestern Turkey, while strong for conventional natural gas production, have seen minimal develop in the past. Valeura said unlocking the shale potential in the area has […]

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