Here is what’s going on in the natural gas industry around the world:
Money is available in Scotland for projects aimed at improving the safety and future integrity of the oil and natural gas sector.
The Scottish government said it was accepting bids to tap into a $16 million fund for oil and natural gas projects.
Industry leaders were invited by Scottish Energy Minister, Fergus Ewing, to apply for funding for projects.
Ewing believes that Scotland is a world leader in oil and natural gas. The Scottish government said there are about 24 billion barrels of oil and natural gas in the North Sea, which is estimated at $2.4 trillion.
Bulgaria-Greece gas interconnector construction could start next year according to the Bulgarian Minister of Economy, Energy, and Tourism, Delyan Dobrev.
Dobrev announced the construction at the opening of a seminar for the presentation of the ten-year plan for development of the infrastructure for natural gas distribution and storage held at the Sunny Beach Resort. He said they are trying to meet deadlines early and begin construction in March of 2013.
Turkey raised natural gas and electricity prices by 9.8 percent in line with rising global energy costs, state officials announced, a move that will help support public finances but will also increase inflation pressure.
The increase, according to Turkey’s Prime Minister, Tayyip Erdogan, is a step to try and curb a budget deficit.
Turkey was Europe’s fastest-growing economy last year with an 8.5 percent expansion, but growth has slowed sharply this year, to 2.9 percent in the second quarter, and tax revenues are falling short of targets leading to a widening deficit.
Deputy Prime Minister Ali Babacan said last month that the government would miss its budget deficit target of 1.5 percent of national output this year by 1 percentage point.
Officials had said more belt tightening measures were planned after announcing tax hikes last month on cars, fuel, and alcohol, expected to add 8.5-9 billion lira ($4.7-$5 billion) to government revenues annually.
Abu Dhabi’s transportation fleet is going green. Twenty of the 500 vehicles owned by the Abu Dhabi Food Control Authority have been converted to run off compressed natural gas (CNG).
The ADFCA hopes that 20 percent of the fleet will be running on CNG by 2015.
Compared to a car powered with gasoline, the CNG vehicles produce a 75 percent smaller carbon footprint.
Other benefits of using CNG include the fact that it is safer, as it is harder to ignite and lowers the cost of operating the fleet, as well as the minimising of environmental impacts.
According to the ADFCA, a CNG vehicle emits 80 percent less nitrogen oxide, 80 percent less non-methane organic gases, and as much as 70 percent less carbon monoxide.
Lebanon’s energy minister said it is technically ready to start drilling for offshore natural gas reserves.
Two companies have already surveyed around half the exclusive economic zone (EEZ) and found a large number of gas reservoirs all along the coast.
The area off the southern coast alone contains 12 trillion cubic feet of natural gas and could be enough to cover Lebanon’s electricity production needs for 99 years.
Lebanon has been slow to exploit its maritime resources compared with other eastern Mediterranean countries. Israel, Cyprus, and Turkey are all much more advanced in drilling for oil and gas.