Natural gas

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. 

Turkey's cumulative natural gas discoveries of 540 billion cubic meters (bcm) in the Black Sea could cover around 12 years of Turkey's current gas demand if fully recovered, according to principal Wood Mackenzie analyst, Ashley Sherman, on June 7.

Energy and Natural Resources Minister Fatih Dönmez has said that another exploratory natural gas well could be drilled in a field in the south or west of the Sakarya Gas Field in the Black Sea this year.

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.

Turkey's natural gas imports increased by 47.8 percent in March this year compared to the same month of 2020, according to the Turkish energy watchdog's data on May 28.

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 ranked as the seventh biggest gas-consuming country in the world with 47.7 billion cubic meters (bcm) of consumption last year, according to data of the Natural Gas Distribution Companies Association of Turkey (GAZBİR) on May 25.

Turkey may drill more boreholes in its search for natural gas reserves in the eastern Mediterranean and the Black Sea, Energy and Natural Resources Minister Fatih Dönmez said on May 24.

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.