
Europe will need to increase LNG purchases by 16% without Russian gas transit through Ukraine
In 2025, Europe will have to increase its purchases of liquefied natural gas (LNG) by nearly 16% due to the lack of Russian gas transit through Ukraine, the report of the International Energy Agency (IEA) on the gas market. At the same time, the IEA predicts that gas prices at the TTF hub in Europe in 2025 could be 30% higher than in 2024.
Europe reduced its LNG imports by 18% or 30 bcm in 2024. However, Russia strengthened its position as the second-largest LNG supplier to the region, increasing its exports to Europe by 17% or 3 bcm.
The US reduced its LNG supplies to Europe by 18% or 14 bcm in 2024 but remained the leading supplier of this fuel to the region, with a 47% share, according to the IEA report. Qatar also reduced its shipments to Europe by 30%, redirecting cargoes to more profitable Asian markets.
Energy
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Potential cooperation opportunities between the State Oil Company of Azerbaijan (SOCAR) and the Emirati company Crescent Petroleum were discussed yesterday. During a meeting between SOCAR President Rovshan Najaf and Crescent Petroleum CEO Majid Jafar, the sides exchanged information about their companies' activities. They also discussed a wide range of cooperation opportunities in various sectors of the energy industry.
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The topic of a meeting between SOCAR President Rovshan Najaf, Chairman of the Board of Directors of the Slovenian company "Petrol d.d." Sasho Berger, and the CEO of "Geoplin d.o.o." Simon Urbanc was the possibility of expanding cooperation between the State Oil Company of Azerbaijan (SOCAR) and Slovenian companies in the energy sector.
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The recent acquisition by the State Oil Company of Azerbaijan (SOCAR) of a 10% interest in the Tamar project (Israel) in the Mediterranean Sea and 3% in the SARB and Umm Lulu field development project (UAE) last year opens a new chapter in expanding the company’s international exploration activities, SOCAR Vice President Babek Huseynov stated yesterday at the opening of the IADC Drilling Caspian 2025 conference in Baku.
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BP plans to enhance efforts to increase the oil recovery factor at the ACG (Azeri-Chirag-Gunashli) field to maximum levels, the Vice President of BP-Azerbaijan, Russell Morris, during the IADC Drilling Caspian 2025 conference and exhibition in Baku stated.
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