Oil Prices Hit 5-Month Highs
In the oil market, the upward trend continues at the beginning of the new week, with prices rising to nearly 5-month highs due to increasing geopolitical risks related to supply disruptions
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Pipes are built over bulging and unstable Arctic pingos prone to violent eruptions caused by 'thawing methane gas', as seen twice on the Yamal peninsula this year.
New analysis by satellite and helicopter shows gas pipelines run right over swelling tundra which is deeply unstable due to the release of underground methane that had been frozen in permafrost - now thawing - for thousands of years, revealed Russia's leading expert on the new phenomenon, Professor Vasily Bogoyavlensky.
In one recent explosion, permafrost soil was thrown around 1 kilometre from the epicentre of the blast, highlighting the huge force, scientists discovered. Flames shot into the sky, and a 50 metre-deep crater was formed from the eruption. The process is seen as caused by the warming Arctic climate and has vast implications for the energy industry in polar regions.
Dr Bogoyavlensky believes the explosions are similar to the under-ocean eruptions of methane that caused the so-called Bermuda Triangle. The Yamal peninsula is now one of the world's key sites for production of natural gas for residential and industrial supplies, notably to Western Europe, for example by Gazprom. Currently, there are three seismic stations on the Yamal peninsula, in Sabetta, Bovanenkovo and Kharasavey. Scientists believe at least six permanent stations are required, with three more located in Urengoy, Bely island and Salekhard. The issue of Yamal tundra explosions is to addressed at the next meeting of the Russian government's state commission on exploration of the Arctic. Reported by Siberia Times.
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The Bulgarian Parliament has ratified the Agreement between the Government of the Republic of Bulgaria and the Government of the United States on cooperation regarding the construction of nuclear power at the Kozloduy Nuclear Power Plant
During a forum in Alexandroupolis, US Assistant Secretary of State for Energy, Jeffrey Payatt, highlighted the significance of a gas pipeline project through Bulgaria as the next pivotal step for energy development in the region
Prime Minister Nikolai Denkov addressed concerns over the long-term storage of nuclear waste during a parliamentary control session in Bulgaria today
Effective March 1, Bulgaria has officially halted the use and importation of Russian oil for fuel production, following a decision by the Parliament to drop the derogation
"Bulgargaz" suggests an 18% decrease in natural gas prices starting next month
In a recent report released by the Institute for Energy Economics and Financial Analysis (IEEFA) on Wednesday, it was revealed that demand for natural gas in Europe experienced a significant decline last year, dropping to its lowest level in a decade
Norwegian Inspiration: Bulgaria's Move Towards Environmentally Friendly Prisons
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