Natural gas

The price of natural gas fell to a record low on the Dutch stock exchange, whose prices are a reference for trade in Europe, "Reuters" reported.

The price of June gas on the Amsterdam Exchange reached €24.90 per megawatt hour (MWh) in the morning - the lowest level since May 27, 2021.

Türkiye will conduct exploration activities for natural gas off the coast of the province of Ordu in the Black Sea, Energy and Natural Resources Minister Fatih Dönmez has said.

Drilling in this area will begin by the end of 2023, Dönmez said in an interview with private broadcaster CNN Türk. "We are hoping to find natural gas there."

Türkiye will conduct oil exploration activities in the eastern Black Sea, Energy and Natural Resources Minister Fatih Dönmez has said, adding that finding oil in this area is likely.

The Cypriot government says it does not share views on East Med gas made by Eni boss Claudio Descalzi, who told Italian lawmakers an Eastern Mediterranean gas project cannot go forward without Turkey, with Nicosia begging to differ and pointing to other firms willing to take the risk.

Greece has secured 24 million euros in European Union funding to upgrade its northern Aegean Sea port of Alexandroupoli, privatization agency TAIPED said on Wednesday.

Alexandroupoli has been used by US military ships to unload munitions and move them to the eastern flank of NATO.

The cost of the emergency measures Greece bore for the energy shielding of Europe, taken by the Commission in the midst of the panic over a complete stoppage of Russian gas exports, came to more than 300 million euros.

Mary B. Warlick (M), Deputy Executive Director International Energy Agency, and Ivan Krastev (R), Permanent Fellow at the IWM, at a panel discussion at the "Time to Decide Europe Summit", in Vienna, Austria, on 16 May 2023. Photo: ERSTE Foundation

Cyprus and Israel are in talks over the construction of a pipeline linking their offshore gas fields, Cyprus's energy minister said on Monday.

But George Papanastasiou appeared to play down prospects for an "EastMed" pipeline taking eastern Mediterranean gas to continental Europe, saying a shipping corridor could be set up instead from a hub in Cyprus to transport liquefied gas.

A government decision to offer free natural gas for one month and a discount for a year will help consumers to save 40 billion Turkish Liras (around $2.1 billion) in gas costs, according to Mustafa Yılmaz, head of the Energy Market Regulatory Authority (EPDK).

The European Union opened a scheme this week for companies to jointly buy gas, aiming to secure supplies ahead of winter and avoid a repeat of last year's record-high energy prices.