With 110 million cubic meters of storage and 28 million cubic meters of gasification capacity, Turkey's first publicly owned floating liquefied natural gas (LNG) storage and gasification vessel (FSRU) will add significant flexibility to Turkey's energy supply chain security, according to Energy and Natural Resources Minister Fatih Dönmez.
Turkish Petroleum Corporation (TPAO) and the State Oil Company of the Azerbaijan Republic (SOCAR) could work together in field development and production of Turkey's giant gas discovery in the Black Sea, Vagif Aliyev, deputy chairman of SOCAR Turkey told reporters.
SOCAR has been investing and collaborating with Turkish Petroleum Corporation since 1994.
Turkey is open to the option of drilling another exploratory well in the Black Sea this year following the discovery on Friday of 135 billion cubic meters of gas in the Amasra-1 well, Turkey's Energy and Natural Resources Minister Fatih Dönmez said on June 7.
Turkey's Power Futures Market was launched on June 1 within the country's energy exchange, EXIST, to provide participants with the market stability and transparency.
Fatih Dönmez, Turkey's energy and natural resources minister, speaking at the opening ceremony said the market launch would contribute to the development of energy markets in the country.
Turkey is set to extract petroleum from three newly discovered reserves in the country's southeast and northwest, the energy and natural sources minister said on May 27.
"Following the discovery of 405 billion cubic meters of natural gas in the Black Sea, we have also found oil in three new onshore wells," Fatih Dönmez tweeted.
Turkey may drill more boreholes in its search for gas in the eastern Mediterranean, Energy Minister Fatih Dönmez said on May 24.
Turkey has already opened eight boreholes in the region, Dönmez said, adding that while there were signs of natural gas, there had been no economically significant discovery.