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Turkey’s Black Sea gas may reflect on markets with rapid drop in prices

BLACK SEA
OIL & GAS

Turkey’s Black Sea gas may reflect on markets with rapid drop in prices

Turkey's Energy Market Regulatory Authority (EPDK) has completed initial work on the launching of the Natural Gas Futures Market (VGP) which, as of next year, will allow natural gas to be bought and sold via future contracts. While it will allow traders operating on the natural gas exchange to prepurchase and sell newly discovered Black Sea gas scheduled to be in the system in 2023, it is expected that it may also have a positive impact on prices, causing them to drop earlier than expected. Source: Daily Sabah

EPDK Chairman Mustafa Yılmaz told Anadolu Agency (AA) Sunday that the VGP players trading on the natural gas exchange will have the opportunity to prepurchase and sell domestic natural gas expected to be delivered to the system in 2023 through futures contracts.

In this way, we will see the positive effect of our Black Sea gas on natural gas prices even before it begins to be produced in the most economic way.

Mustafa Yılmaz, Chairman, EPDK

On Aug. 21, President Recep Tayyip Erdoğan, in a historic live speech, announced the discovery of 320 billion cubic meters (bcm) of natural gas reserves at the Tuna-1 well in the Sakarya Gas Field, located around 170 kilometers (105 miles) offshore in the Black Sea.

Yılmaz emphasized that both the discovery and the VGP will be steps closer to Turkey’s goal of becoming a natural gas trading hub.

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