Page 11 - Gi flipbook April 2019

international news

AROUND THE WORLD NORD STREAM 2 RUSSIAN

CYPRUS
SUBSTANTIAL GAS GAS PIPELINE LIKELY TO GO
DISCOVERY OFF CYPRUS
AHEAD AFTER EU DEAL

EXXONMOBIL HAS made a
substantial gas discovery in the waters
off Cyprus, the latest find in the
eastern Mediterranean basin that is
rapidly becoming a major energy play.
Consultancy Wood Mackenzie
said the Glaucus field find would
probably be one of the biggest this
year. Preliminary data suggest it
holds between five and eight trillion
cubic feet of gas.

AUSTRALIA
COALITION LAUNCHES
PUSH FOR HYDROGEN

NORD STREAM 2 CONSTUCTION IS ALREADY UNDERWAY

THE NORD STREAM 2 pipeline sanctions. Critics in Brussels and the US
to take Russian gas to Germany is have warned it risks deepening Europe’s
THE MORRISON government has arguably Europe’s most controversial reliance on gas imports from Russia,
opened public consultations on a energy project, drawing opposition which already provide about 40 per cent
national hydrogen strategy. from Ukraine, which it will bypass, of the continent’s consumption.
The Coalition’s move is part of a and uniting the US, eastern EU states Germany and Russia have defended
broader climate and energy policy and the European Commission, which the pipeline and shown little sign of
reboot following a commitment fears it will undermine the bloc’s a willingness to rethink their plans.
from Labor in January to set ‘energy union’ plans. Angela Merkel, the German Chancellor,
aside one billion dollars for clean But a compromise deal on pipeline has argued that the project does not
hydrogen development. rules has been forged by Germany and increase its reliance on Russian gas,
France, which should allow the scheme as Germany is also looking to increase
CHINA to proceed, reports The Guardian. imports of ship-borne gas from
CHINA READIES STATE OIL Dmitry Marinchenko, an analyst at countries such as the US.
“Do we become dependent on
AND GAS PIPELINE FIRM the credit ratings agency Fitch, said the Russia due to this second gas
agreement was welcome. “This is a good
CHINA IS SET to announce the compromise which may work for all the pipeline? I say ‘no’, if we diversify at
creation of a state-held oil and gas parties – Russia, the EU and Ukraine.” the same time,” she said.
pipeline company, combining the Nord Stream 2 has been eight years Under a deal agreed in February,
midstream assets of national firms to in the making so far, with 434 miles the pipeline must meet four EU rules,
allow energy companies to focus on of pipe out of a total of 746 laid across including a telecoms-style unbundling
boosting exploration and production. the Baltic Sea alongside an existing requirement whereby other suppliers
Combining China’s pipeline pipeline between Russia and Germany. will be allowed access to the pipeline.
infrastructure into one firm and The Russian state gas firm Gazprom However, Germany will be the ultimate
opening access to foreign and private and five western energy companies, arbiter of how the regulations are applied.
producers would draw focus on Uniper, Wintershall, Shell, OMV and The final text of the agreement still
exploration at a time when China aims Engie, are behind the scheme. needs to be formally approved by
to increase domestic production. The project has sparked serious governments and the EU Parliament,
geopolitical concerns and the threat of although that is expected to be given.

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News.indd 6 14/03/2019 14:19