Natural gas

On February 18th the floating storage regasification unit in Alexandroupoli received its first test shipment of US liquefied natural gas. In other energy news, it looks like decision time has come for hydrocarbon surveys off Crete.

In a recent report released by the Institute for Energy Economics and Financial Analysis (IEEFA) on Wednesday, it was revealed that demand for natural gas in Europe experienced a significant decline last year, dropping to its lowest level in a decade.

The Cypriot Ministry of Energy, Commerce and Industry has announced the successful completion of the assessment drilling operations for Cronos-2 within Block 6 of the exclusive economic zone (EEZ) of the Republic of Cyprus. This project was undertaken by the joint venture of Eni Cyprus Limited (operator) and TotalEnergies EP Cyprus BV.

Cronos represents the third discovery of a natural gas reservoir in Block 6 of the Cypriot EEZ, along with Calypso (2018) and Zeus (2022)

Two months after it was moored in the Thracian Sea, the floating natural gas storage and regasification unit (FSRU), named Alexandroupolis, will on Friday receive its first liquefied natural gas (LNG) cargo.

The Energy and Water Regulatory Commission (EWRC) has approved a substantial 8.4% reduction in the price of natural gas for February, setting it at BGN 71.08 per megawatt-hour (MWh). This significant drop from January's approved price of BGN 77.60 MWh is poised to bring tangible benefits to Bulgarian consumers.

"Bulgartransgaz" and Turkey's gas transmission system operator, "Botas," have officially signed an Agreement for the interconnection of the Strandja - Malkoçlar point, marking a key milestone in fostering the diversification of natural gas sources.

The drilling by Italian energy giant ENI in the Cronos-2 field in Block 6 of Cyprus' exclusive economic zone (EEZ) appears to have discovered another natural gas reservoir, with sources telling the Cyprus News Agency that gas flaring was successfully carried out on Thursday.

Bulgargaz, the national gas company, projects a notable reduction in natural gas prices by nearly 6% for February. The company has submitted an application to the Bulgarian energy regulator outlining the expected change in pricing.

Work is underway for natural gas discoveries, and there could be more gas finds in the Black Sea, Energy Minister Alparslan Bayraktar has said.

Daily gas production in the Black Sea field is currently at 2.2 million cubic meters but will increase to 40 million cubic meters, the minister said in an interview on broadcaster CNN Türk.