Europe in race to replace Russian gas
Europe’s dependency on Russian energy has been a longstanding concern within the region, particularly for natural gas. These worries have only grown. Given the current Russia-Ukraine war and the resulting sanctions, there are worries that Russian gas flows could stop. And that would be seriously tough for Europe
European gas production has fallen over the years, driven by a reduction in the production cap at the Groningen gas field in the Netherlands. The Dutch government implemented a production cap which has been reduced over the year with the idea to do so until the field shuts. The production cap this year was 3.9bcm, although this will potentially be lifted to 7.6bcm. The current gas year is expected to be the last operating year of the field. Total European output, including Norway and the UK, totalled around 214bcm in 2021.
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