Natural gas

A major gas discovery in the Cronos-1 field, block 6 offshore Cyprus has been announced by energy companies TotalEnergies and ENI.

According to ENI's official announcement, preliminary estimates in the Cronos-1 field of block 6 indicate the existence of 2.5 tcf of natural gas.

According to data from the London Stock Exchange ICE, natural gas prices on the European market crossed the $3,000 mark for 1,000 cubic meters for the first time since the beginning of March.

The price of gas on the spot market in Europe rose to 261 euros per megawatt hour after Gazprom announced that it would temporarily stop the supply of blue fuel through the Nord Stream 1 pipeline.

Ombudsman Diana Kovacheva said on Thursday that she is concerned by the information she has received from struggling households and called on Bulgaria's interim government to focus on swift action to financially support domestic customers of natural gas and companies using gas to heat residential buildings.

Azerbaijan, Turkey, Russia. Bulgaria will negotiate with companies from these countries, in this order, to ensure the necessary quantities of natural gas for the winter. This was announced by acting energy minister Rosen Hristov.

Bulgaria has received several offers for the supply of natural gas, which do not require the country to look for a slot for its unloading, as this is provided by the trader. There is also an offer for direct delivery. Thus, the caretaker government will have no commitment to look for a natural gas unloading terminal.

A decision on whether Bulgaria will negotiate with the Russian monopoly "Gazprom" can be expected in a week at the earliest.

Such negotiations will only take place if it turns out that Bulgaria will not be able to secure all the necessary quantities of gas for the winter, confirmed Energy Minister Rosen Hristov:

German businesses and public institutions should heat their offices no higher than 19 degrees Celsius (66.2 degrees Fahrenheit) this winter to help reduce the country's consumption of natural gas, Germany's economy minister said Saturday.

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency has said.    

Energy Minister Fatih Dönmez said the work on the natural gas discovered in the Black Sea continues and they aim to "burn this gas on land in the first quarter of 2023, in March."

Türkiye aims to finalize its current drills for natural gas in the Black Sea wells in 2023, the minister told the Anadolu Agency on Aug. 11.