Here is what is going on in the natural gas industry around the world:
New oil and gas reserves were discovered in 17 wells during a drilling operation searching for hydrocarbons conducted in Turkey in 2012, Minister of Energy and Natural Resources, Taner Yildiz said, Trend reports.
According to the minister, 57 wells have been drilled within an exploration operation of which 11 have oil reserves and six natural gas reserves.
The minister also said that Turkey will continue exploratory operations for hydrocarbons in the country in future.
Yildiz stated that in 2013, the ministry will conduct search operations in the provinces of Hakkari and Shırnak, as well as in the Black Sea.
Turkey is actively searching for oil fields in order to reduce dependence on oil from overseas. High expectations were placed upon exploration activities in the area of Sinop in 2012, but that yielded no results.
A week has passed since the terrorist attack on a natural gas facility in Algeria, but risk analysts and security experts are still undecided about the incident’s likely impact in the energy world.
The price of oil, a good indicator of anxiety in the energy market, went up modestly right after the attack, but then it stabilized. No energy company has suspended operations in Algeria, nor has any company announced it will hold off on future investments in North Africa, a key source of oil and gas supplies.
It may just be that governments and energy companies are still trying to figure out exactly what happened at the In Amenas gas field. The complex had not been attacked during decades of civil war in Algeria.
Cyprus signed a deal on Thursday with a consortium of foreign companies to drill for natural gas off the island’s southern coast.
Commerce Minister Neoklis Sylikiotis said a signing bonus of €150 million ($200 million) will flow into state coffers. That’s good news for the cash-strapped country that only has enough money to pay salaries until March, when it hopes to secure a financial rescue package from the other 16 countries that use the euro and the International Monetary Fund.
The consortium, composed of Italy’s ENI S.p.a and South Korea’s Kogas, is licensed to drill in three of 13 segments, or blocks, that make up Cyprus’ 19,700 square mile (51,000 square kilometer) exclusive economic zone. The three blocks lie above a gas field that holds an estimated 5-8 trillion cubic feet (140-230 billion cubic meters).
The European Commission has today published a proposal which includes a package of measures aimed at supporting the development of alternative fuels in its member states. The Commission has put forward a set of binding targets for hydrogen infrastructure, battery vehicle charging, biofuels, liquefied natural gas (LNG) and compressed natural gas (CNG). Germany and Denmark are leading Europe in the installation of hydrogen refuelling stations, but the EC is proposing the introduction of common standards for fuel hoses and the linking of existing and planned hydrogen stations to create a network across Europe. This would apply to the 14 member states with existing hydrogen networks.
The proposal also requires the introduction of a common Type2 plug for battery vehicle charging, ensuring the on-going sustainability of biofuels and increasing the penetration of CNG-fuelled vehicles tenfold to reach 5%.