German wind power boosts spot prices
German and French baseload electricity prices dropped by about 10% on Tuesday, as the wind power was expected to increase in Germany. However, price remained high due to a heatwave that has affected Europe. As temperatures have risen, authorities in several European nations have issued health warnings. Wildfires in Turkey & France have forced more than 50,000 to evacuate. On Monday, benchmark European electricity prices exceeded 100 Euros per Megawatt Hour (MWh) for the first since April due to cooling system requirements and low wind output.
Egypt To Buy Up To 160 LNG Cargoes Through 2026
Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas, as it ramps up purchases to meet power demands despite strained government finances, industry sources said.The world's most populous Arab country has endured rolling blackouts over the past two years as natural gas supply fell short of demand. It returned to being a net importer of gas last year, buying dozens of cargoes and abandoning plans to become a supplier to Europe…
EUROPE GAS - Prices hold firm on the elusive Ukraine ceasefire and muted supply
The Dutch and British wholesale prices for gas were slightly higher on Tuesday morning, as a weaker demand was countered by the ongoing conflict in Ukraine. Also, there was a reduced supply of liquefied gas from Norway and the United States. LSEG data shows that the benchmark Dutch front-month contract was 35.45 euros per Megawatt Hour (MWh), or $11.86/mmBtu at 0836 GMT. This is an increase of 0.48 Euro. The British day-ahead contract increased by 1.50 pence, to 83.00 pence per thermo. Analysts…
Exxon Signs Agreement With Azeri SOCAR to Explore Oil Production
Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields, according to three sources.Azerbaijan's production mainly relies on mature oil fields in the Caspian Sea and the country is aiming to maintain its oil output at around 582,000 barrels per day over the next five years with investment from Western energy companies.At the Baku Energy Week conference…
Orban, Orban: EU's plan to ban Russian imports of energy must be stopped
Viktor Orban, the Hungarian prime minister, told state radio that the European Union's plan of banning Russian energy imports should be stopped "by any means". EU executive announced earlier this month that the European Commission would propose next month legal measures to phase-out the EU's imports for all Russian gas, including liquefied gas, by the end 2027. The proposed ban has been opposed by Slovakia and Hungary who rely on Russian gas and oil supplies. We must stop the Ukrainians from trying to ban Russian gas in Europe. We must stop it at all costs.
Turkey will provide Syria with 2 billion cubic meters of gas per year
Alparslan Bayraktar, the Turkish Energy Minister, said that Turkey would provide 2 billion cubic meters of natural gas per year to Syria. Bayraktar, in a joint press conference with his Syrian counterpart at Damascus said that Turkey’s gas exports will contribute to 1,300 megawatts more of electricity production for the country. Ankara is positioning itself for a key role in Syria's rebuilding. It has supported the rebel forces in Syria during the 13-year civil conflict that ended with Bashar al Assad's ouster this month.
There Is An Estimated 6 Billion Barrels of Shale Oil Reserve in Southeast Turkey
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said.If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers such as the UK.Continental Resources and Turkish national oil company TPAO signed a joint venture agreement in March to develop shale fields in the basin."Turkey's current annual (crude) oil import amounts to 365 million barrels.
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be a shale-oil reserve of 6.1 million barrels in Turkey’s southeast Diyarbakir Basin. If confirmed, these reserves would put Turkey ahead of some OPEC countries such as Gabon or Congo, as well as other major producers like the UK. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin. "Turkey imports 365 million barrels of crude oil annually." "A 6.1 billion-barrel reserve is an impressive figure…
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be 6.1 billion barrels of shale-oil reserves in Turkey's southeast Diyarbakir Basin. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin. "The current (crude oil) imports by Turkey amount to 365,000,000 barrels. "A 6.1 billion-barrel reserve is an impressive figure," said Energy Minister Alparslan Bayraktar to reporters on a recent visit to the southeast of Turkey.
The region has seen a decline in renewable output
German and French spot rates were not traded on Friday morning, but the falling supply of renewables is expected to exceed the decline in demand for Monday's prices. LSEG data shows that the German and French baseload power contracts for Monday were not traded by 1111 GMT. LSEG analyst Florine Engl stated that the residual load will increase on Monday in all regions except Austria. The nuclear availability is also expected to decrease in France. LSEG data indicated that German wind power production was expected to drop by 5.9 gigawatts to 8.2 GW Monday.
The price of EUROPE Gas is rising on the back of cooler temperatures in advance of Russia-Ukraine discussions
The Dutch and British gas price rose slightly on Thursday morning, as demand increased due to the cooler temperatures and market anticipation of news about Ukraine-Russian peace talks. LSEG data shows that the benchmark Dutch front-month contract rose 0.46 euros to 35.21 Euro per megawatt hour or $11.55/mmBtu at 0818 GMT. The Dutch July contract increased by 0.43 euros to 35.33 Euro/MWh. The British day-ahead contracts was up 0.03 pence to 79.03p/therm. In a daily market report, Engie EnergyScan…
Wall Street Journal, May 14,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Baidu will test its Apollo Go service for driverless rides in Europe, beginning with Switzerland and Turkey. The company is accelerating global expansion as the competition in China's autonomous-driving sector intensifies. Samsung has agreed to purchase the German manufacturer of heating, ventilation and air conditioning products FlaktGroup for $1.68 billion from European investment company Triton.
EUROPE GAS - Prices rangebound as market focuses on Russia-Ukraine News
The Dutch and British gas price were not much different on Tuesday morning, as the market awaited news about the Ukraine-Russian peace talks that will be held later this week. Also, warm weather continues to limit demand. LSEG data shows that the benchmark Dutch front-month contract rose 0.18 euros to 35.60 Euro per megawatt hour or $11.59/mmBtu at 0807 GMT. The contract reached 36.25 euro/MWh on Monday, its highest since April 16. This was boosted by the news that the U.S. had agreed to lower tariffs with China, which brightened the economic outlook.
Documents show that Eni, an Italian company, delivered Russian gas to Turkey in the last year.
Eni supplied gas to Turkey last year, according to documents published on the Italian energy company's website on Monday. This confirms that the company is still dealing with Russian gas, despite the suspension of supplies within Europe. Documents show that in a response to a written question from an Eni shareholder, ahead of the AGM scheduled for Wednesday, the company stated that Algeria would be the largest gas supplier to the group by 2024. Norway and Russia were the next two biggest suppliers. According to Eni's written response, Russian gas accounted 12% of its total gas supplies.
EUROPE GAS-Prices rise on US-China tariffs deal
Dutch and British wholesale prices for gas rose on Monday, boosted by the news that the U.S. had reached a deal with China to reduce tariffs. This has improved the outlook of the economy. The benchmark Dutch contract for the front month gained 1.17 euro to 35.87 Euros per Megawatt Hour (MWh), which is $11.68/mmBtu by 0828 GMT, and the contract for July was up 0.95 Euros at 35.45 EUR/MWh. The British June contract increased by 2.61 pence, to 85.66 pence/therm. The day-ahead contract also rose 3.75 pences at 80.50 pence/therm.
TurkStream gas pipeline may slow down EU-Russia decoupling
May 7 - While the European Commission has announced a revised plan to wean Europe off Russian energy completely by 2027, some parts of Europe have taken the opposite approach. The TurkStream pipeline is not only still operating, but has expanded its gas supply. Since the beginning of the conflict in Ukraine, Russian gas exports have dropped dramatically. They went from more than 155 billion cubic meters (bcm), in 2021, to less than 40 bcm by 2024. In the same time period, Russian LNG exports to the EU almost doubled, reaching around 25 bcm.
Greece approves the tender for hydrocarbons in four offshore blocks
The energy ministry announced on Thursday that Greece had approved an international bid for hydrocarbon exploration of four blocks in Mediterranean Sea following expressions of interest from Chevron Energy and Helleniq Energy. The energy ministry announced that Greece issued a ministerial order this week to launch a tender international after accepting Chevron’s interest in two blocks south-west of Crete, and one block near the Peloponnese Peninsula. After winning the licence to search for gas in two more blocks of Crete, an ExxonMobil consortium is evaluating seismic data.
MOL and Turkiye Petrolleri form a joint venture to explore two oilfields in Hungary
Hungarian Oil Company MOL and Turkey’s Turkiye Petrolleri will explore two new oilfields in Hungary, as part of a newly-established joint venture. Szijjarto, after meeting with Turkish Energy Minister Alparslan bayraktar, said that efficient production on new fields could help Hungary cover some of its consumption needs. Hungary imports the majority of its crude oil via the Druzhba Pipeline, which brings Russian Oil through Belarus, Ukraine and Hungary to Slovakia. Szijjarto said Druzhba would remain Hungary's main crude oil import route.
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 province that the country aims to sign an agreement by the end of the month allowing TPAO to explore a Black Sea bloc off the coasts of Bulgaria and a foreign partner.
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. The United States granted a waiver to Turkey, Hungary, and Slovakia in December. This removed a major obstacle for them to pay for the Russian gas they receive via the TurkStream pipeline.
