In 2016, Statoil entered as partner into three exploration licenses (the Banarli and West Thrace licences) in the Thrace region in the European north-western part of Turkey.
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Statoil will have a 50% interest in the licences, while the operator Valeura Energy Inc., a Canadian exploration company listed on the Toronto Stock Exchange will keep the remaining 50%. The shallow formations above 2,500 meters will be 100% retained by Valeura. Entry into the north-western part of Turkey is in accordance with Statoil’s exploration strategy to build a diverse portfolio of low commitment frontier opportunities with impact potential..
Statoil currently has no office in Turkey, after closing its Istanbul office in June 2015 following the divestment of the company’s 25.5 percent share in Azerbaijan’s Shah Deniz field.