Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun…
Shell and Bulgaria sign a contract for Black Sea oil and gas exploration
Shell signed with the Bulgarian government a contract on Tuesday that gives the oil giant the rights to explore a Black Sea field for oil and natural gas. Shell will be able to explore 4,00 square metres of the Block 1-26 Khan Tervel Field. Bulgaria, a member of the European Union, was totally dependent on Russian Gas until 2022. It has sought to diversify and find cheaper gas sources.
Trump tariffs are set to worsen the woes in the petchems industry
Industry officials and analysts warned that the new U.S. import duties will further reduce demand for global producers of petrochemicals and increase capacity cuts in a sector plagued with low margins. The tariffs announced on Wednesday by President Donald Trump are expected to increase prices for electronic goods, appliances, and packaging.
OPEC+ will discuss Kazakhstan's output at the Thursday meeting, sources claim
Two delegates said that eight OPEC+ nations meeting on Thursday, will focus on convincing Kazakhstan to stop exceeding their output quota as well as its plans to compensate overproduction while the group increases gradual production. Sources have said that the record Kazakh production has angered other members of OPEC+, including Saudi Arabia.
The drilling of the offshore gas project in Romanian Black Sea has begun.
On Tuesday, the owners of Romania's Neptun Deep offshore project announced that drilling had begun in the Black Sea. This could lead to the production of one the EU's biggest gas deposits in 2027, which would ease the transition from Russian gas. Neptun Deep is jointly owned by the oil and gas company OMV Petrom, and Romania's Romgaz. It holds approximately 100 billion cubic metres of recoverable gas.
Sources: Turkey and Slovakia receive US waiver extensions for gas payments to Russia
Sources told reporters on Thursday that the United States has extended waivers to Turkey and Slovakia for gas payments made to Russia. The extensions will be valid until the end of May. Washington imposed sanctions on Russia's Gazprombank in November over the Ukraine conflict. Gazprombank is one of Russia's largest banks and receives payments from Gazprom customers in Europe for natural gas.
Romanian government extends the energy price cap
Marcel Ciolacu, Romania's Prime Minister, announced on Thursday that the coalition government would extend the price cap for electricity to households and businesses up until June, and for gas, for one year. This is in order to protect consumers from recent increases in energy prices. Since November 2021, Romania caps gas and electricity bills for households…
Palm oil falls on Dalian crude oil, weakening it
Malaysian palm futures dropped on Thursday, ending a five session rally. Pressured by lower Dalian oil and lower crude oil prices, sparked by the talks to end Ukraine-Russia's war, they were pushed down by weaker Dalian oil. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 63 ringgit or 1.36% to 4,558 Ringgit ($1,023.35) per metric ton.
OMV Petrom operating profit falls 57% due to lower prices and regulatory pressures
The Romanian oil-and-gas group OMV Petrom announced a 57% drop in its adjusted operating profit for the fourth quarter on Tuesday. It cited lower commodity prices as well as the impact of regulations for gas and electricity. Bucharest listed company reported an operating profit adjusted of 955 millions lei ($197.61) down from 2.24 milliards lei a year ago.
Ukraine looks for investment in Davos to recover from the recession as Trump calls for peace
While U.S. president Donald Trump called for an end to the three-year war and Ukraine's President discussed peacekeeping forces, Ukrainian officials courted private investors to help rebuild their country this week. Oleksiy Sbolev is the first deputy minister of economy. He described a $500-billion reconstruction project that would bring both financial and strategic dividends to Western Investors…
Hungary will increase its gas exports to Slovakia starting April
The transmission system operator FGSZ announced on Tuesday that Hungary would increase its gas export to Slovakia from 2.63 billion cubic metres per year to 3.5 bcm by April. Hungary's decision to increase its export capacity to the north follows Ukraine refusing to renew a transit agreement with Russia, as it seeks a reduction in revenue that goes to Moscow for funding the war in Ukraine.
Sources say that OMV's Romanian subsidiary has agreed to supply gas to Germany
Three people with knowledge of the situation have confirmed that OMV's Romanian subsidiary has signed a contract to supply Uniper gas from its Black Sea Project starting in 2027. This comes as Europe looks for new ways to increase energy security following the breakup with Russia. The deal, which was not disclosed before, is…
Sources say that Austria's OMV Romanian unit has agreed to supply gas to Germany
Three people with knowledge of the situation have confirmed that Austria's OMV Romanian has signed a contract to supply Germany's Uniper gas from its Black Sea Project from 2027. This is as Europe looks for new ways to increase energy security following its breakup with Russia. The deal, which was not disclosed before, is for…
Sources: Austria's OMV has agreed to supply Romanian Gas to Germany
Three people with knowledge of the deal said that Austria's OMV will supply Germany's Uniper gas from its Black Sea Project from 2027. This comes as Europe looks for new ways to increase energy security following the breakup with Russia. The deal, which was not disclosed before, is for a five-year supply of 15 terawatts of natural gas to be delivered by the Neptun Deep Project.
Russia stops gas exports via Ukraine to Europe
The transit agreement has expired, according to Gazprom. Gas exports from Russia via Ukraine have been stopped as of 08:00 Moscow Time (0500 GMT). The closure of Russia's longest gas route to Europe brings an end to a decade-long fraught relationship sparked by Russia s 2014 seizure Crimea. The TurkStream pipeline, which runs along the Black Sea bed, is still used by Russia to export gas.
Black Sea Spill Volunteers Beg Putin for Help
Volunteers helping to clean up a major oil spill along Russia's Black Sea coast appealed in a video released on Monday for President Vladimir Putin to urgently send federal aid, saying that they and local authorities were overwhelmed.The pollution, which has coated sandy beaches at and around Anapa, a popular summer resort…
TerraPower has held informal discussions with Turkey and other countries about small reactors
TerraPower, the Bill Gates backed company that is looking to build small modules reactors for nuclear power, has held informal discussions with several countries in Europe including Turkey. A company spokesperson confirmed this on Thursday. In an earlier report, it was reported that Turkey has been drafting a new law to encourage…
DN Agrar and BSOG Romania plan to build a 15 MW Biomethane Production Site
The first biomethane plant in the EU will be built by Black Sea Oil & Gas, a Romanian offshore gas company controlled by Carlyle Group LP and DN Agrar. Romania has committed to phase out brown coal and uses a mixture of coal, gas, hydroelectric, nuclear, and renewables. Anaerobic digestion is a process that produces biomethane, which is a gas identical to natural.
Hungary and Russia's Gazprom are in talks about extra gas for Budapest by 2025
Hungary and Russia’s Gazprom have begun negotiations for an agreement to supply additional gas next year to Budapest. Peter Szijjarto, Hungarian Minister of Foreign Affairs, told the Russian news agency RIA in remarks published Tuesday. "We've already signed an additional agreement for the fourth quarter of this fiscal year. It covers additional volumes and is priced competitively.
Romgaz, a Romanian gas company, raises 500 million euros through its debut Eurobond
IFR data show that Romanian state-owned Romgaz issued its first eurobond on Monday. The company sold 500 million euros (559.50 million dollars) of five-year papers to fund a project for deepwater gas in the Black Sea. Romgaz and OMV Petrom have partnered to develop Neptun Deep Black Sea Gas Project, one of Europe's largest natural gas reserves.
