Russian Deputy Prime Minister Alexander Novak predicts that the uptick in natural gas output seen in Norway and the United Kingdom is likely to prove temporary, while Europe’s access to liquefied natural gas (LNG) could remain unsettled. He shared these views in an interview with TASS, outlining his assessment of current energy market dynamics.
Novak noted that the European Union has curtailed gas imports from Russia and is now turning its attention to LNG supplies and to boosting domestic gas production. He observes that the recent gains in LNG volumes in Norway and the UK were not sustained over the longer term, given the broader market constraints and the finite nature of those regional resources.
According to Novak, even with LNG, there are no assurances of stable supply. He warned that as demand grows across the Asia-Pacific region, Europe may face recurring supply challenges and potential shortages if growth in LNG consumption continues at the present pace.
Kirill Polous, chief executive of Gazprom Energy Holding, argued that the gas industry is not receiving adequate investment to sustain growth in production. He also suggested that expanding LNG import terminals across European nations is unlikely to resolve the region’s energy resource scarcity without accompanying investments in long-term production capacity.
Overall, the commentaries from Novak and Polous reflect a cautious outlook for European gas security, emphasizing the interplay between regional production limits, LNG market volatility, and the need for sustained investment in infrastructure and capacity to ensure reliable energy supplies.