Gas Production in EU Declined by 3% in 2017

Gas reserves in Europe’s underground storage facilities (UGS) fell below 55.5% as of January 27, according to data from Gas Infrastructure Europe (GIE). However, the gas volumes in storage remain the fourth-highest ever recorded for January. Since the start of the heating season, the EU has withdrawn approximately 47 bcm of gas from UGS. The total gas storage volume currently stands at 61.5 bcm.

At the beginning of this week, the European Commission announced the continuation of negotiations with Kyiv regarding the supply of gas to Europe via Ukraine, adding that it intends to involve Hungary and Slovakia in these talks.

The date for the 11th Ministerial Meeting of the Southern Gas Corridor (SGC) Advisory Council and the 3rd Ministerial Meeting of the Green Energy Advisory Council has been postponed.

BP-Azerbaijan (the project operator) forecasts the production of the first volumes of low-pressure gas from the "Shah Deniz" field in June 2029, the company's report.