In 2022 Europe experienced its steepest ever drop in gas demand of 55 billion cubic metres (bcm) or 13%, as the International Energy Agency reports: https://www.iea.org/commentaries/europe-s-energy-crisis-what-factors-drove-the-record-fall-in-natural-gas-demand-in-2022 . At the same time expenditure on gas imports almost tripled compared to the 2021 level, reaching €400 billion.
Exploration
With the introduction of the embargo on oil and oil products from Russia due to the war in Ukraine, the European Union is facing the issue of finding new sources capable of replacing Russian oil supplies. A potential solution could be to increase purchases of oil from Africa. However, experts note that we should not expect a significant growth in oil supplies from Africa in the near future.
Last year the European Union took a number of serious steps towards reducing dependence on Russian energy and diversifying its suppliers of gas and oil. In particular, in July 2022, Brussels signed a memorandum of understanding with Baku on strategic partnership in the energy sector. The document envisages that supplies of gas from Azerbaijan will double in the next five years and by 2027 Baku will supply Europe with at least 20 billion cubic metres (bcm) of gas per year.
In July 2022, the European Union took a serious new step towards building a strategic partnership with Azerbaijan in the energy sector by signing a memorandum of understanding. This agreement was aimed at reducing its gas dependence on Russia: Baku is promising to double gas supplies to Europe over the next five years.
The conflict that flared up at the end of February between Russia and Ukraine has been a massive shock to the entire political landscape of the European Union. Its seismic waves are continuing to reverberate in all its economies’ markets and industries.
The European Union’s new Arctic strategy, published in October 2021, contains the statement that “the EU is committed to ensuring that oil, coal and gas stay in the ground, including in Arctic regions.” In order to achieve this goal, Brussels intends to secure the introduction of a ban on developing new oil, gas and coal […]
The gradual emergence of key advanced economies from the stagnation of the pandemic is understandably increasing forecasts for energy consumption,
In 2020, Turkey’s President Erdoğan triumphantly announced the discovery of the “huge” new Sakarya field in the Black Sea, which was one of the largest finds in the world last
2020 was a bad year for most businesses, and for offshore gas projects in Romania especially. Almost a year and a half after Exxon Mobil announced its intention to sell its 50% share in the Neptun Deep offshore project on Romania’s Black Sea shelf, a buyer has yet to be found. And despite the government’s […]
The creation of a consortium for building the Trans-Caspian Gas Pipeline (TGP) made up of Edison Technologies, MMEC Mannesmann, Air Liquid Global E&C Solution, and the SINOPEC Engineering Group was announced in August 2019. Analysts believe, however, that the likelihood of the plans announced by the consortium being achieved are minimal due to a current lack of the necessary political, legal, financial and economic conditions for the project.
In recent years production of crude oil in Azerbaijan has been steadily declining. In 2015 Azerbaijan, a former Soviet Transcaucasian Republic and a large global oil- and gas-market player, produced 41.7 million tonnes of ‘black gold’, whereas in 2016 production was a million tonnes less. Over the first six months of this year Azerbaijan produced […]