Updated Aug 22, 2024
8/22/24
The five-year natural gas transit agreement between Russia and Ukraine is due to expire at the end of the year, halting around 13.7 billion cubic meters (Bcm) of supply the European Union (EU) would need to replace with additional Norwegian pipeline and LNG imports to meet current demand.
As negotiations with Russia for regional export projects have failed, Turkey is working with other partners and moving forward on plans to form a regional natural gas export hub.
The European Union (EU) could be securing another source of future natural gas supply, this time from Azerbaijan, as member countries continue to prepare for a future without Russian gas.
The BP plc-operated Shah Deniz consortium has launched its landmark natural gas development in Azerbaijan, laying the groundwork for Europe to avoid dependence on Russian gas.