EU and UK look to security beyond gas

The scars of the Russia crisis have accelerated Europe’s push to wean itself off gas dependence as the growing globalisation of LNG becomes a double-edged sword

UK gas production peaked in 2000, with the country becoming a net importer and effectively globalising its gas security. Anticipating the need for growing gas imports, the country built three regasification terminals, and LNG fast became an essential component of the UK’s gas security. Today, the UK imports about half of the gas it consumes, with 30% coming via pipeline from Norwegian fields and almost 20% arriving as LNG, with a small volume of pipeline imports from continental Europe via the two interconnectors. Geopolitical factors are challenging market fundamentals when it comes to LNG flows There was a time when Qatar accounted for 90% of the UK’s LNG imports, but today the sit