Members of the producer group would not be in a position to produce oil for export until it is clear how they will be paid, it said.
APIKUR reported that its members had cut spending by around $400mn in 2023, with plans for 2024 in doubt.
Saudi Aramco met with an army of Turkish contractors this week to discuss $50 billion of potential projects in the Gulf kingdom, underlining improving trade ties between the two countries after they buried a diplomatic spat over the killing of Jamal Khashoggi.
Saipem’s Castorone vessel will carry out the offshore operations, starting in the summer of 2024. The company previously worked on the first phase of the Sakarya field, which began producing in April.
The company expects the new discovery will produce 100,000 bpd, doubling Turkey’s current production.
“It’s a matter of cost,” DNV’s Mediterranean manager Andrea Spessa said. “This pipeline is the best solution to transport energy from one country to another in this range.”
The BTC pipeline carries about 1 million bpd, of which 400,000 bpd comes from Kurdistan.
Turkey’s TPAO has added another 58 billion cubic metres of gas to its holdings with a discovery at the Caycuma-1 well.
Libya’s Tripoli-based government has recalled its ambassador to Greece, among widening political tensions.
Workers appear to have caught a glimpse of a North Sea oil rig being broken up at a yard in Turkey.
Trillion Energy International’s Uranus rig has arrived on site for drilling offshore Turkey, with the aim of bringing on new gas production by the end of October.
Saipem’s Castoro 10 has crossed through the Dardanelles to begin work laying pipelines for Turkey’s Sakarya field, aiming for first gas in the first quarter of 2023.
The industry drilled more wells in 2021 than 2020, IHS Markit has reported, with notable successes in high impact wells adding new resources.
A key crude pipeline from Iraq to a Turkish port on the Mediterranean Sea was knocked out by an explosion on Tuesday, adding pressure to already tight oil markets and sending prices higher with oil extended gains in Asia from the highest close since 2014.
Aberdeen-headquartered engineering giant Wood has won a contract working on the largest gas reserve in Turkey in the Black Sea.
Italian energy services company Saipem (IT: SPM) has landed two lucrative offshore contracts.
More than 190 countries signed on the dotted line of the Paris Agreement in 2015, forming a new global consensus on the imperative to halt rising temperatures. The collective results since then haven’t been enough.
Turkey’s TPAO has begun drilling the Amasra-1 well, on the North Sakarya field.
Despite discussion around East Mediterranean’s gas having a global impact, it is locally that will be the most important, speakers at a recent event said.
Qatar’s ruler landed in Saudi Arabia on Tuesday to a warm embrace from host Crown Prince Mohammed bin Salman, hours after their nations re-established travel ties and eased a longstanding regional dispute.
Algeria’s Sonelgaz has signed a memorandum of understanding (MoU) with Libyan power producer Gecol.
President Recep Tayyip Erdogan has called for negotiations over gas exploration rights for Turkey in the eastern Mediterranean as EU leaders consider sanctions.
Oil companies are on track to discover 10 billion barrels this year, despite the coronavirus pandemic temporarily halting exploration activity this spring, according to Rystad Energy.
Turkey’s TPAO has begun drilling the Türkali-1 well, the first deepwater exploration in the country’s waters.
Greece seeks halt to EU-Turkey customs union after vessel carries out seismic survey in disputed waters
Greece is stepping up diplomatic efforts to mobilize European Union partners against Turkey, as Ankara continues its energy prospecting in contested waters of the eastern Mediterranean.