Gas reserves in European UGS approach 88.5% (2024)

The gas purchase price averaged $366 per 1,000 cubic meters in Europe in July and it has risen to $433 in August

MOSCOW, August 16. /TASS/. Gas reserves in European underground gas storage (UGS) facilities have approached 88.5%. Gas pumping into European UGS facilities amounted to 315 mln cubic meters on August 14, according to data provided by Gas Infrastructure Europe (GIE). Meanwhile withdrawal equaled 21 mln cubic meters.

European UGS facilities are currently 88.47% full (8.03 percentage points higher than the average as of this date in the past five years), with 97.4 bln cubic meters of gas stored in them.

Total LNG supplies from terminals to Europe’s gas transport system in July hit the lowest level since November 2021, with the trend of their decline persisting in August. Facilities for regasification of liquefied gas and its further pumping into Europe’s pipelines are loaded by 35% of their capacity now. The gas purchase price averaged $366 per 1,000 cubic meters in Europe in July and it has risen to $433 in August.

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Gas reserves in European UGS approach 88.5% (2024)

FAQs

Does Europe have enough gas reserves? ›

EU gas storage filling level

In 2022 and 2023, the average storage level was much higher than in 2021. In 2022, the goal of 80% of fulfilment was reached in August. In 2023 the filling level has been above 80% since July and above 90% since August. The data comes from Gas Infrastructure Europe.

Who has the largest gas reserves in Europe? ›

Europe. The largest natural gas field in Europe is Groningen, with original recoverable reserves of 2.7 to 2.8 tcm (95 to 99 tcf).

What is the gas storage level in the EU? ›

By 1 November 2023, the EU gas storage reached 99%, recording more than 100 bcm in stock at the beginning of the winter. On 1 April 2024, storage levels were at 59% - a record for the close of the winter season.

Which country has the most untapped gas reserves? ›

Russia has the biggest reserves, with 37.4 trillion cubic meters or around 20% of the global total. Iran, in second, has 17% of the total reserves, followed by Qatar with 13%.

Does Europe have enough gas for winter? ›

Hypothetically, the region has enough gas in storage to manage the winter alone even if all trade links were severed. In practice, these high storage volumes mean that any disruption to Russian imports would not be felt in isolation by these countries, but distributed around the European grid.

Which country has free gas? ›

Turkmenistan — $0.72 per gallon

This likely means that automobile owners in Turkmenistan will continue to be entitled to 120 liters (34 gallons) of free gas a month, rendering the $0.19 price of a liter almost meaningless to some auto owners.

Which country has the most untapped oil reserves? ›

Thanks to the shale oil boom, the US is now sitting on more oil reserves than Russia, which estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saud Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).

Which top 3 country holds the most natural gas reserves? ›

Natural Gas Reserves by Country
#CountryWorld Share
1Russia24.3%
2Iran17.3%
3Qatar12.5%
4United States5.3%
95 more rows

What is Germany's gas storage capacity? ›

Germany among world leaders in gas storage

The total capacity for injection and withdrawal from German gas storage facilities is around 23 billion cubic meters of gas.

How much gas storage capacity does Ukraine have? ›

Ukrainian underground storage facilities (UGSs) have a technical capacity of circa 30.95 billion cubic meters (bcm), the largest in Europe.

How much gas storage does Italy have? ›

Total natural gas storage capacity in Italy stood at 19.04 bcm in 2021. Each year, minimum storage volumes for the winter period are set by the MiTE.

Is there a natural gas shortage in Europe? ›

According to research published by Moody's this month, the EU had record high gas stocks of around 97.5% at the end November 2023, meaning both very low risk of energy shortages this winter and a strong position for the next cold season, analysts found.

How long will Germany gas storage last? ›

Clean Energy Wire

Germany is expected to completely fill its gas storage by the 2024/2025 winter, according to storage system association INES. Gas levels remain sufficient and the association doesn't expect to use much more gas in the rest of the current winter.

How much gas is stored in Europe? ›

The European Union's gas storage volume amounted to 881.39 terawatts hour (TWh) on July 1, 2024, accounting for approximately 77.62 percent of its capacity. This was roughly the same amount stored as in the same month a year prior.

Where does Europe get most of its gas? ›

Russia is the EU's main supplier of fossil fuels. Over half of the solid fossil fuels imported in 2020 (mostly coal) came from Russia, as did 43% of imported natural gas.

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