Europe has enough gas reserves to replace Russia’s supply in 22 years

The fact that Russia holds most of the gas in the European Union (EU) is one of the biggest reasons why the bloc has so far been hesitant to take action against Moscow. Many member states depend on Russia for oil and natural gas supplies, fearing that President Vladimir Putin will turn off energy faucets flowing into the continent as a retaliation blow against the EU.

However, some experts have provided the block with new energy solutions.

François-Régis Mouton, Regional Director for Europe of the International Association of Oil and Gas Producers (IOGP), claims the EU can secure energy supplies by exploiting “huge gas reserves”. ” which this continent still holds.

Writing in Euractiv, he said: “The EU and Norway combined hold up to 3470 bcm of gas reserves, equivalent to 22 years of Russian gas supplies.”

These reserves are crucial to the process of cutting energy demand from Russia, as earlier this year the EU announced plans to end all Russian gas imports (155 bcm) by the end of the decade and cut reduce dependence by about two thirds by year-end.

According to figures from Eurostat, the bloc produced about 100 bcm of natural gas before the pandemic in 2019. This amount, equivalent to about 20% of the bloc’s needs, has however fallen sharply over the past few years, to 50 bcm in year 2021.

The EU currently imports about 40% of its gas from Moscow.

Mr. Mouton added: “EU leaders repeatedly claim to replace Russian gas in their rhetoric. But in reality, they make no effort to maintain exploration on the continent, reduces the opportunity to find new resources while keeping natural gas consumption high.”

Despite these reserves, the EU Commission has shown concessions to Mr. Putin’s demand to pay for Russian gas in rubles.

Latest, today European Commission President Ursula von der Leyen said that the EU intends to mobilize up to 300 billion euros in investments between now and 2030 to end their dependence on Russian oil and gas.