Gas Bridge Between Asia and Europe to Bring New Energy Supply
Currently, Europe's ability to power itself is almost completely dependant on Russian energy supplies. Today, almost half of the EU's natural gas imports come from Russia along with 30 percent of its oil supplies. As such, there is an increasing desire to diversify the continent's energy suppliers -- enter the Nabucco Pipeline.
Dubbed the 'Gas bridge between Asia and Europe', the €7.9 billion, 3300km-long pipeline will attempt to break Russian dependency by exploiting the gas reserves in the Caspian and Middle East regions. Snaking through Turkey, Bulgaria, Romania, Hungary and into Austria, Germany and the Czech Republic, the Nabucco Pipeline with send supplies from Iraq and Azerbaijan straight into Europe.
The need for the continent to ween itself off Russian energy was highlighted last year when Russia cut off Ukraine's gas supplies during the winter due to unpaid bills. However, Russia isn't planning on standing by and doing nothing -- two pipelines Nord Stream and South Stream, run by Russia gas giant Gazprom -- will start providing gas to the Balkans and Europe before the Nabucco Pipeline becomes operational. Russia has already secured Italy's custom with the South Stream pipeline, whilst Germany is planning to secure a large percentage of its gas from Nord Stream.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call