Petroleum production

Türkiye is expected to sign another long-term liquefied natural gas (LNG) supply agreement this week during Energy Minister Alparslan Bayraktar's visit to the U.S.

Bayraktar is scheduled to attend the Gastech Exhibition and Conference in Houston, Texas, which will take place between Sept. 17-19.

Imports of natural gas from Russia reached an all-time high energy equivalent of 3.69 terawatt-hours in July, at the expense of liquefied natural gas (LNG), which was supposed to lessen our dependence on Russian gas.

Recent developments in the Middle East have led to a renewed phase of uncertainty and have pushed liquefied natural gas (LNG) prices up.

September futures contracts on the Netherlands-based TTF exchange rose 16% last week, to levels not seen since December 2023.

Energy and Natural Resources Minister Alparslan Bayraktar has announced that there will be further hydrocarbon explorations in the western Black Sea this year.

One of the exploration sites is off the coast of the province of Rize, Bayraktar told private broadcaster A Haber, adding that they also identified a site to carry out exploration activity off Sinop.

A 9.5% increase in the LNG carrier fleet is projected by the end of 2024, with a driving order book to fleet ratio of 54.4%.

In May, natural gas imports to Europe from Russia surpassed those from the US for the first time since the onset of the Ukraine war, highlighting the EU's ongoing struggle to reduce reliance on Russian energy. Despite concerted efforts to cut ties with Russian fuels, one-off factors drove this shift, emphasizing the complexity of Europe's energy landscape, according to the Financial Times.

The cheap Russian natural gas that enters Greece from Sidirokastro, in Central Macedonia, through the TurkStream pipeline, put liquefied natural gas loads off the market in April.

Author: Vitalie Platon

During a forum in Alexandroupolis, US Assistant Secretary of State for Energy, Jeffrey Payatt, highlighted the significance of a gas pipeline project through Bulgaria as the next pivotal step for energy development in the region.

Türkiye imported a total of 50.48 billion cubic meters (bcm) of natural gas last year, down 7.64 percent from 2022, according to the data from the Energy Market Regulatory Authority (EPDK).