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Import of oil and gas
Main article: Import of gas, coal, oil and petroleum products in Europe
2023
37% reduction in gas production over 10 years
Gas production in Europe decreased by 3.2% in two years (2023 by 2021) or 6.8 billion cubic meters. Over 20 years, production decreased by 37.4% or 122 billion cubic meters) over 10 years a decrease of 27% or 76 billion cubic meters, and over 5 years a decrease of 13.2% or more than 30 billion cubic meters. The trend is steadily downward.
The largest country in production is Norway - 116.6 billion cubic meters, Britain - 35 billion, Ukraine - 17.7 billion, Romania - 9 billion cubic meters.
Reduction in oil production to 3.22 million barrels per day
In 2023, European countries reduced oil production in four years by 235 thousand to 3.22 million barrels/d.
The main losers in terms of oil production dynamics over 4 years: Russia, Nigeria, Saudi Arabia and Britain.
Britain intends to increase oil and gas production in the North Sea every year
In November 2023, it was announced that it Britain intends to increase oil and gas production in the North Sea annually through new licenses. The British government has announced 27 new licences to enable operators to explore and develop oil and gas resources.
The government has said the country will need oil and gas even when it reaches "net zero" in terms of emissions. It called for as much oil and gas as possible to be produced domestically rather than imported. According to the government, "mining in the North Sea will also help reduce vulnerability to countries, including Russia."
Netherlands halts production at EU's biggest gas field due to frequent earthquakes
On October 1, 2023, production was stopped in the Netherlands at the Groningen gas field, which is considered the largest in the European Union. The decision was made in connection with the threat of earthquakes and destruction associated with the operation of the site. Read more here.
The largest gas field discovered in 10 years off the coast of Norway
Shares of DNO ASA jumped after the company announced the largest discovery of natural gas in 10 years off the coast of Norway. The field is located near existing offshore infrastructure in the North Sea. According to preliminary estimates, the amount of resources is up to 230 million barrels of oil equivalent.
2022
Production and import requirements in Europe
Norway postpones issuance of licenses for the development of new oil and gas fields for three years
In November 2022, Norway postponed the issuance of licenses for the development of new oil and gas fields for three years, such a step contradicts promises to do everything possible to help Europe cope with the energy crisis - Financial Times.
Britain imposes super-profit tax on North Sea oil production
Companies exploring and producing oil and gas in the North Sea in the zone will receive Britain billions in dollars cash after the country imposed a company revenue tax in May 2022 power to address rising poverty.
Analysts at investment bank Jefferies are confident that the power profit tax will cost companies $3.3 billion until 2025.
Plan for increasing gas production in Romania on the Black Sea shelf
power engineering specialists Romania The minister in May 2022 recalled the deposits of energy resources in the Black Sea.Romania "will produce more gas than it consumes, and will export it to,,, Bulgaria Greece but Hungary primarily to Moldova," Popescu said.
The project for the exploration and production of hydrocarbons on the Romanian shelf several years ago was launched by the Austrian OMV Petrom and the American ExxonMobil. However, after due diligence, it was recognized as economically impractical, and gas production on the Black Sea shelf was unprofitable, including due to the nuances of local legislation. The final investment decision was postponed, and the Americans began to frantically look for who to sell their stake (50%) in the Neptune field. On March 24, 2022, for $1.06 billion, the shares agreed to acquire the Romanian state-owned energy company Romgaz, and a corresponding contract was signed in Bucharest in early May. As part of a consortium with OMV Petrom, Romania now intends to ensure "energy security" throughout Europe. Or so her energy minister says.
Romania does rank second on the list of EU member states independently producing natural lawn. It produces about 10.5 billion cubic meters of gas per year, producing the bulk of it on land. At the same time, it consumes about 12 billion cubic meters, that is, unlike its neighbors in Eastern Europe, the country is practically independent of imports.
The area of the Romanian shelf is 22 thousand square kilometers, under the Black Sea presumably lies from 170 to 200 billion cubic meters of undiscovered reserves - and theoretically they can be mined until 2040. The Neptune field itself is estimated at 50 billion cubic meters, the Romanian Minister of Energy says about 100 billion. However, compared to onshore drilling operations, offshore projects are significantly more expensive and involve long-term deployment. In addition, they carry a number of specific risks, especially during the first stage of geological exploration. And ExxonMobil understands this well.
The National GTS of Romania was designed back in the 1960s and is theoretically designed for the supply of blue fuel, three times higher than modern volumes. But Romania does not yet have a developed infrastructure for extraction, transportation, underground storage and distribution. And the plan for the modernization of the gas transmission network is designed for a period until 2027.
The Iasi-Ungen-Chisinau pipeline, which, according to the plan of the Romanian authorities, should provide an alternative to gas supplies for Moldova, was commissioned in October 2021. It can transport 6.5 million m3 of gas per day, which theoretically covers the needs of Moldova without taking into account Transnistria.
However, the possibility of gas supplies to Moldova from Romania does not mean physical supplies. There are none. And judging by the words of the minister power there will be no until 2026. Therefore, the republic has no choice but to make a "temporary compromise" with Gazprom.
2021: Oil production in Norway and Britain
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