Greek LNG Terminal To Play Crucial Role In Ensuring EU Gas Supply - Commissioner. Greece's liquefied natural gas terminal (LNG) Revithoussa and the country's further investments in its gas infrastructure will be vital for ensuring the European Union's supply of energy, EU Commissioner for Energy Kadri Simson said on Thursday. The bloc is currently considering an embargo on Russia's energy exports, including oil, coal and gas.

"Gas from this terminal kept households in the neighborhood warm during the 2009 gas crisis when Russia turned off the gas (for the) first time. So today we are again looking at Revithoussa, and Greece in general, to help ensure Europe's security of gas supply as you are planning further investment in the gas infrastructure, LNG is crucial to replace 155 BCM (billion cubic meters) of Russian gas," Simson said at a press conference during her visit to Greece.

At least a dozen U.S. shale gas executives met on Wednesday with European energy officials to discuss expanding U.S. fuel supplies to Europe amid a scramble to replace Russian imports.

The group met in Houston with foreign affairs and economic ministers and commercial buyers looking to reduce their imports of Russian oil, coal and liquefied natural gas over its invasion of Ukraine, executives said. The European Union plans to cut its reliance on Russian gas by two-thirds this year.

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Delegations from Latvia and Estonia, diplomats from Bulgaria, Estonia, France, Germany, Hungary, Latvia, and the UK toured the Golden Pass LNG export project in Sabine Pass, Texas, and later met in Houston with shale gas producers, said Fred Hutchison, chief executive of trade group LNG Allies.

Group discussions included top executives from Chesapeake Energy, Coterra Energy, EOG Resources and EQT Corp, he said. Individual meetings are planned between U.S. executives and Latvian, Estonian and Slovak commercial representatives.

"The situation in Europe is so precarious. All these countries that are dependent on Russian gas are committed to giving it up, in some cases completely," said Hutchison.

Building new LNG capacity takes years and ample new supplies will not be available until mid-decade. "The capacity challenges in 2022 are great but the opportunities in a few years are really terrific," he said.

The need for new LNG plants was highlighted at a congressional hearing earlier in the day by Pioneer Natural Resources Chief Executive Scott Sheffield. He urged Congress to embrace construction of new U.S. plants.

The US and EU have reached a deal to find ways to gradually reduce and end Europe's dependence on Russian energy exports and to strengthen European energy security with a focus on developing green energy. Some industry experts, however, say that it will take some pain and time to reach that goal.

The Task Force for Energy Security will be formed with a representative from the White House and a representative of the president of the European Commission as chairs, the White House announced on March 25.

The US-EU plan calls for delivery of 15 billion cubic meters (bcm) of LNG to the European countries within this year and then for the US to supply 50 bcm of LNG a year to EU countries by 2030.

EU aims to stop being dependent on Russian fossil fuel by 2027. That goal won't be easy to attain. EU countries currently rely on Russia for 40 percent of their gas needs and imported 155 bcm of gas from Russia in 2021.

To immediately reduce some dependence on gas from Russia, the plan will implement energy-efficiency solutions such as smart thermostats and heat pumps to reduce energy demand by 15.5 bcm this year. The expansion of wind and solar energy is expected to supply another 20 bcm equivalent of gas, according to the announcement.

Already, France is ending subsidies for new gas heaters in homes and will subsidize electric heat pumps instead.

Italy, the second-largest EU consumer of Russian gas after Germany, is planning to substitute gas with coal at some power plants.

Germany, the largest importer of Russian gas, has been looking elsewhere and reached an energy agreement with Qatar. It also has signed an agreement to build the country's first LNG facility with the second one being planned. However, it will take time to build and won't be immediately available.

Poland, Italy and other EU countries also have been looking elsewhere for alternative gas supplies and have so far secured some.

The energy shift points to higher energy prices and pain for consumers.

The White House didn't specify where the first 15 bcm of LNG for 2022 will come from.

The US exported roughly 22 bcm of LNG to Europe in 2021 and has already sent 10 bcm in the first quarter of this year to the EU, based on data from Refinitiv.

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