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Chairman of Ukraine’s Naftogaz Alexey Chernyshov said earlier that Kyiv would not extend the agreement on transit of Russian gas to Europe, which expires in late 2024. Ukraine does not break the contract now only due to its European partners, he stressed. The decision prompted concern in a number of countries, in Hungary in particular, for which Russia remains the main gas supplier.
Turkey found a substitute for Russian gas and reduced purchases from the Russian Federation by almost 80%. According to the Turkish Energy Market Regulation Council, Turkey, which became Gazprom's second-largest customer after the cessation of Russian gas supplies to most European countries, sharply reduced imports from the Russian Federation.
Azerbaijan exported 12.7bn cubic meters (bcm) of gas in the first six months of this year and sent a little over half of the total volume (6.4 bcm) to the European market, the press service of the Ministry of Energy reported on Thursday. According to the report, gas exports from Azerbaijan from January to June amounted to 12.7 bcm, which is 6% higher than the volume of exports of this energy carrier for the corresponding period in 2023. "This volume includes 6.4 bcm (51% of total exports) were delivered to Europe, 5 bcm (39%) to Turkey, 1.3 bcm (10%) to Georgia," the Ministry said in a statement. According to the statistics of the Ministry of Energy, in the first half of 2023, Azerbaijan supplied Europe with 5.7 bcm of gas. The ministry noted that gas production in Azerbaijan from January to June 2024 amounted to 25.1 bcm, which is 4.3% or 1 bcm, more than in the corresponding period last year. In 2023, Azerbaijan exported 23.8 bcm of gas, almost half of this volume (11.8 bcm) came from the European market. The projected export volume for 2024, according to the Ministry of Energy, reaches 24 bcm. On December 31, 2020, Azerbaijan started commercial gas supplies to Europe through the Trans-Adriatic Pipeline, which is part of the Southern Gas Corridor. Buyers of Azerbaijani gas in Europe include Bulgaria, Hungary, Greece, Italy, Romania, and Serbia.
Offshore gas production in Southeast Asia is poised to unlock a $100bn potential, driven by a flurry of planned final investment decisions (FIDs) expected to materialize by 2028, according to Rystad Energy’s latest analysis. This represents a more than twofold increase over the $45bn worth of developments that reached FID from 2014 to 2023 and signals a surge for the region’s offshore gas industry. The upcoming period of rapid growth is bolstered by deepwater projects, recent successful discoveries in Indonesia and Malaysia, and positive carbon capture and storage (CCS) advancements, which will be crucial in meeting the region’s sanctioning agenda in the years ahead. Oil and gas majors are expected to drive 25% of these planned investments through 2028, while national oil companies (NOCs) will account for a 31% share. Notably, East Asia's upstream companies are emerging with a 15% share and show potential for growth through their focus on mergers and acquisition (M&A) opportunities and upcoming exploration ventures. The role
198 RUSSIA Country Report August 2024 www.intellinews.com