Turkey's gas discovery of 540 billion cubic meters (bcm) with a market value over $100 billion will be open for trading under the name 'Black Sea Gas Contract' in Turkey's future gas market which will launch on Oct. 1 in Istanbul, Mustafa Yılmaz, head of Turkey's Energy Market Regulatory Authority (EPDK) told Anadolu Agency on June 9.
The increasing exploration and drilling efforts for new wells after Turkey's Fatih drillship discovered 405 billion cubic meters (bcm) of natural gas in the Black Sea is about to bear fruits with further gas volumes.
Turkish President Recep Tayyip Erdoğan will announce the recent developments in the field, which is expected to be about a new gas discovery.
Bulgaria's Energy and Water Regulatory Commission (EWRC) has endorsed a price of 45.27 leva/MWh for natural gas, effective June 1, 2021, the regulator said in a press release on Monday.
The new price, which excludes the charges for access, transmission, excise duty and VAT, is 20 per cent higher than its May 1 level (37.71 per cent) and 122 per cent up from June 1, 2020.
In the application submitted to the Energy and Water Regulatory Commission (KEVR) on May 11, Bulgargaz requested a 13 percent increase in the price of natural gas, compared to prices in May, or BGN 42.54. (excluding access fees, transmission, excise duty and VAT costs). This became clear during today's discussion on the price of blue fuel in KEVR.
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.