Petroleum industry

The U.S. government, under pressure to lower gas prices, announced on April 15 that it will resume the sale of leases for oil and gas drilling on federal lands while imposing new conditions, including the first hike in royalties in more than 100 years.

OPEC told the European Union that current and future sanctions against Russia could lead to one of the worst shocks in oil supplies and it will be impossible to replace these volumes, while the oil cartel has signaled that it will not increase yields, Reuters reported.

The International Energy Agency has said that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.

Turkey's total oil imports increased by 42.4 percent on an annual basis to 4.03 million tons in December 2021, according to data released by the Energy Market Regulatory Authority (EPDK) yesterday.

Crude oil imports, the category with the highest oil import volume, rose by 45.9 percent in December to 2.98 million tons, the energy watchdog said in its monthly report.

Two Saudi officials told The Associated Press the Saudi energy minister informed the Organization of the Petroleum Exporting Countries, or OPEC, of the kingdom's commitment to the group's current roadmap of cautious monthly  increases. They spoke anonymously because they were not authorized to brief journalists.

British oil giants Shell and BP, U.S, firm ExxonMobil and France's TotalEnergies announced last week 2021 profits totalling a whopping $66.7 billion.

It marked a huge turnaround from 2020, when they posted losses as the pandemic emerged, prompting lockdowns that brought the world economy to a grinding halt and caused crude prices to collapse.

The FSRU with a capacity of 153.500 sq.m. LNG will be connected to the national natural gas network of Greece with a 28 km long pipeline

International oilfield services company Schlumberger announced on Oct. 15 a significant contract award by the Turkish Petroleum Corporation (TPAO or TP) for the engineering, procurement, construction and installation (EPCI) of end-to-end production solutions for the Sakarya Gas Field, Turkey's largest gas reserve.

Environmentalists criticized Mexico's state-owned oil company on July 3 after a gas leak at an underwater pipeline unleashed a subaquatic fireball that appeared to boil the waters of the Gulf of Mexico.

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.