Minister Bayraktar announces: A new era in natural gas!

Minister of Energy and Natural Resources Alparslan Bayraktar announced that a natural gas supply agreement totaling 33 billion cubic meters has been signed with Azerbaijan. Bayraktar stated that this agreement will begin in 2029 and last for 15 years. It was stated that 2.25 billion cubic meters of gas to be purchased annually from the Absheron Field will be transmitted to Turkey via pipeline and will come from the Caspian Sea.

7-KILOMETER DRILLING OPERATION IN SOMALIA

Bayraktar also made statements regarding the new drilling operation of the Çağrı Bey drillship in Somalia. It is planned to reach a total depth of 7 kilometers in this drilling, which will be carried out at a water depth of 3.5 kilometers. Bayraktar stated that they are hopeful about the field in Somalia.

Stating that the first electricity production at the Akkuyu Nuclear Power Plant is targeted for this year, Bayraktar emphasized that negotiations for nuclear power plants in Sinop and Thrace are ongoing. It is planned that decisions on these projects will be made by 2026.

Bayraktar also announced that Turkey will transition to a graduated tariff system for natural gas. This application will be determined based on city-based consumption. The Minister stated that price adjustments for natural gas will be made once a year according to the inflation rate and that prices will be reviewed according to developments. He also noted that they will re-evaluate the situation within the year based on inflation.

IMPACT OF VENEZUELA ON THE OIL MARKET

Pointing out that recent developments in Venezuela will not have a major impact on the global oil market, Bayraktar stated that Venezuela has a production share of less than 1 percent of world production. However, it was emphasized that Venezuela's potential could meet 5 percent of the global daily oil demand.

News Source: 12punto