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Russia May Significantly Increase Gas Supplies
January 29, 2019 00:57


(Source: https://www.kommersant.ru/gallery/3408427)

In the next five years, Gazprom may significantly increase gas supplies to Europe and   its share in the local market. In fact, the gas demand is growing, while  a number of other supply channels in the world is reducing. 

Thus, in late December, Algerian Energy Minister Mustafa Gitoni announced that it had become difficult to keep on supplying gas to Europe at the same level. Although Algeria delivered 49.6 billion cubic meters of gas to Europe through pipelines and in the form of liquefied natural gas (LNG), due to the growth in consumption, exports could be abandoned by 2022. “We only have enough for our internal needs,” said Gitoni. Algeria currently produces 130 billion cubic meters of gas, half of which remain in the domestic market. 

In the Netherlands, 26 lawsuits were filed by regional authorities and individuals for the early termination of gas production at the largest Groningen field, where half of Dutch gas is produced. In total, the country supplies to Europe 39.1 billion cubic meters, but they intend to close the field as its development causes strong earthquakes. 

The Norwegian Petroleum Directorate (NPD) has cut its forecast for gas exports in 2022 to 121.4 billion cubic meters, while exports were previously expected to be 123.1 billion cubic meters. 

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If production at Groningen and supplies from Algeria are stopped, and it is impossible to open new large fields in Norway, Europe’s demand for imported gas from other sources will increase by more than 50 billion cubic meters (a quarter of Russia's current supplies), says Fitch’s corporate director Dmitry Marinchenko. In his opinion, this will create new opportunities for both LNG producers and Gazprom, which after the launch of the Nord Stream 2, will receive new capacities for export. 

Europe's demand for imported gas, according to Eurostat, increased by 8.3 percent in 2017 and equals to 312.1 billion cubic meters. Gazprom expects demand to grow by an additional 19 percent by 2025, and by 25 percent by 2030. The peak of gas imports in Europe, according to International Energy Agency, will be in 2025 with the volume of 409 billion cubic meters per year. In October 2018, the Deputy Chairman of the Board of Gazprom, Alexander Medvedev said that the Nord Stream 2 and Turkish Stream projects are vital for the European Union in order to satisfy additional gas demand.




Author: Anna Dorozhkina

Tags: Gazprom Russian companies Russian economy   

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