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Quarterly Trends Report

Energy trends report: Europe’s pivot from Russian natural gas

  • Public Equity
  • Energy
  • Europe
  • q2 2022

The Russia-Ukraine conflict has instigated a seismic shift in the European Union’s energy policy. Prior to Moscow’s invasion of its western neighbour, the bloc imported 40% of natural gas from Russia.* But it now plans to wean itself off this supply, starting with a voluntary reduction of 15% by next month.* With Russia also announcing plans to cut gas flows through Nord Stream 1 to a fifth of its capacity, European countries are increasingly looking at new opportunities for natural gas, and the eastern Mediterranean has been touted as one possible source.

“The eastern Mediterranean has become prolific in natural gas,” an executive at E-C Natural Hydrocarbons told Third Bridge Forum. There have been a number of major discoveries in the region since 2000, including in Cyprus, Israel, Egypt, Turkey and Greece, the expert said. In Cyprus there have been three discoveries; Aphrodite with 120-130bn cubic metres of natural gas, Glafcos with between 140-230bn cubic metres, and Calypso, the amount of which is still unclear. In Turkey, just over 400bn cubic metres have been discovered in the Black Sea, we were told, while in Egypt, gas has also been found in the Zohr field. 

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