Natural gas

Consumers in Bulgaria are set to face an increase in natural gas prices by approximately 7.5% starting next month. This announcement emerged from the recent public session of the energy regulator, where the proposal put forward by "Bulgargaz" was deliberated. The proposed rate for the blue fuel is expected to be around BGN 87 per megawatt hour, exclusive of taxes and levies.

Germany's natural gas storages are filled to 100 percent of their capacity, according to a report by the Association of European Gas Infrastructure Operators (Gas Infrastructure Europe - GIE). The capacity of the facilities in Germany is reported to be at 100.03% based on preliminary data, with allowances for changes in gas volume due to temperature variations.

Negotiations between DEPA Commercial and Gazprom are at a pivotal point, which may lead to arbitration or even a complete stop in Russian gas imports. Their outcome will also determine the future of the Greek gas company.

The Transocean Barents floating drilling rig has set sail from Limassol and is en route to the Cronos gas field. It will conduct drilling operations on behalf of the Italian company ENI in the Cronos-2 area in Block 6 of the Cypriot exclusive economic zone (EEZ), approximately 160 kilometers southwest of Cyprus, according to a report from the Cyprus News Agency.

As Bulgaria braces for the onset of the heating season, the cost of natural gas is skyrocketing, with Bulgargaz EAD announcing a substantial 36% price hike. The company's proposed price for November 2023 stands at BGN 82.12/MWh, excluding excise duty and VAT, marking a significant financial burden for consumers.

Europe's underground gas storage facilities are poised for the upcoming heating season with more than 99% of their capacity filled, marking a significant milestone in the region's efforts to reduce energy dependence on Russia.

Three years after the groundbreaking for the liquefied natural gas terminal in Cyprus, a project worth $289 million has been initiated. However, the work remains incomplete, causing a delay in the implementation of a medium-term solution for transporting and utilizing LNG. This delay is significant as it affects consumers seeking an alternative to the rising oil prices.

The price of gas for consumers in Serbia will be frozen until May 2024 at the level that will apply from November 1 this year, the Belgrade newspaper "Danas" reports today.

In case of sudden changes in the market, the government will cover the difference for manufacturers and importers from the national budget.

Workers at two of Chevron's major natural gas plants in Australia are set to go on strike next week, the U.S. energy giant said yesterday, threatening up to five percent of global LNG supplies.

Türkiye's natural gas import declined by 39.2 percent in June from a year ago to 2.33 billion cubic meters, the Energy Market Regulatory Authority (EPDK) has informed.

LNG imports fell 18 percent to 462 million cubic meters, while imports via pipelines were down 43 percent to 1.87 billion cubic meters.