Production in Azerbaijan’s sector of the Caspian Sea under the full-scale development of the Absheron gas-condensate field is scheduled to begin on September 1, 2029, TotalEnergies announced to journalists on Monday.

The State Oil Company of the Republic of Azerbaijan (SOCAR) has launched a new phase of offshore exploration in Azerbaijan’s sector of the Caspian Sea with detailed seabed studies at the promising Goshadash structure. The project marks a preparatory stage ahead of a large-scale seismic survey that will use advanced Ocean Bottom Node (OBN) technology, underscoring Azerbaijan’s commitment to expanding its hydrocarbon resource base and maintaining its role as a key energy supplier to regional and global markets.

Turkish President Recep Tayyip Erdogan announced on Saturday that Türkiye has discovered a new natural gas reserve of 75 billion cubic meters (bcm) in the Black Sea.

Gas reserves in Europe’s underground storage (UGS) facilities have fallen to around 36% for the first time in over three years, according to Gas Infrastructure Europe (GIE).

Natural gas reserves in European underground gas storage (UGS) facilities have fallen below 38% for the first time in three years, according to data from Gas Infrastructure Europe (GIE).

As of February 10, Europe's natural gas storage occupancy has dropped below 50%, a sharp decline from the 67% recorded during the same period last year.

Russia and Iran have reached an agreement on the route of a gas pipeline that will pass through Azerbaijan, with negotiations now in the final stages of determining supply prices. The two nations are also exploring potential joint projects for gas extraction, according to Russia’s Minister of Energy, Sergey Tsivilev.

“The route is agreed—through Azerbaijan. We are now in the final phase of negotiations, focusing on price approval. Volumes have already been fixed. Pricing is always a commercial issue, requiring compromise, which is why working groups from both sides have been established to develop a pricing approach,” the minister explained.

News.az, a Baku-based analytical portal, sought the perspectives of energy experts to explore the implications of this significant agreement between the world's two largest holders of natural gas reserves.