Gazprom achieves highest ever gas exports to Europe in July

In July 2024, Gazprom records a peak in gas exports to Europe, with a notable increase thanks to the end of maintenance and increased demand for winter reserves.

Share:

In July 2024, Gazprom achieves its highest level of gas exports to Europe for the year.
Average daily exports are up 5.7% on the previous year and 12% on June.
This increase is attributed to the end of maintenance on the Turkstream pipeline, linking Russia to Turkey, and to increased demand to fill reserves before winter.

Recovery in export volumes

The data show that average daily exports climbed to 91.5 million cubic meters (mcm) in July, compared with 86.6 mcm in July 2023 and 81.8 mcm in June 2024.
This trend marks a recovery after a period of significant decline.
The end of maintenance work on the Turkstream pipeline contributed to this rebound, facilitating an increase in export volumes. In 2023, Gazprom recorded a net loss of almost $7 billion, the first since 1999, due to a reduction in export volumes and a fall in gas prices in Europe.
In 2022, the total volume exported to Europe was around 63.8 billion cubic meters (bcm), but this fell to 28.3 bcm in 2023, a decrease of 55.6%.

Price impact and strategic adjustment

Fluctuating world gas prices also influence exports.
Ronald Smith, analyst at BCS, points out that world prices had fallen significantly the previous year, but this year they are stabilizing and sometimes rising.
This stabilization of prices makes Gazprom’s gas more competitive in Europe, encouraging a recovery in exports to levels close to the “new normal”.
The upturn in exports suggests a gradual return to a degree of stability after years of decline.
Seasonal demand in Europe and the end of pipeline interruptions play a crucial role in this positive trend.
Although current levels are still below the historic peaks of 2018-2019, when volumes reached between 175 and 180 bcm, the recent trend points to a normalization of export volumes.

Solar power generation increased sharply in the United States in June, significantly reducing natural gas consumption in the power sector, despite relatively stable overall electricity demand.
Golden Pass LNG, jointly owned by Exxon Mobil and QatarEnergy, has asked US authorities for permission to re-export liquefied natural gas starting October 1, anticipating the imminent launch of its operations in Texas.
Delfin Midstream reserves gas turbine manufacturing capacity with Siemens Energy and initiates an early works programme with Samsung Heavy Industries, ahead of its anticipated final investment decision in the autumn.
Norwegian group DNO ASA signs gas offtake contract with ENGIE and secures USD 500 million financing from a major US bank to guarantee future revenues from its Norwegian gas production.
Golar LNG Limited has completed a private placement of $575mn in convertible bonds due in 2030, using part of the proceeds to repurchase and cancel 2.5 million of its own common shares, thus reducing its share capital.
Shell Canada Energy announces shipment of the first liquefied natural gas cargo from its LNG Canada complex, located in Kitimat, British Columbia, primarily targeting fast-growing Asian economic and energy markets.
The Australian government is considering the establishment of an east coast gas reservation as part of a sweeping review of market rules to ensure supply, with risks of shortages signalled by 2028.
The increase in oil drilling, deepwater exploration, and chemical advances are expected to raise the global drilling fluids market to $10.7bn by 2032, according to Meticulous Research.
The small-scale liquefied natural gas market is forecast to grow at an annual rate of 7.5%, reaching an estimated total value of $31.78bn by 2030, driven particularly by maritime and heavy-duty road transport sectors.
The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.
Energy Transfer strengthens its partnership with Chevron by increasing their liquefied natural gas supply agreement by 50% from the upcoming Lake Charles LNG export terminal, strategically aiming for long-term supply security.
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
Cheniere Energy validates major investment to expand Corpus Christi terminal, adding two liquefaction units to increase its liquefied natural gas export capacity by 2029, responding to recent international agreements.
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
Israel has partially resumed its natural gas exports to Egypt and Jordan following a week-long halt due to the closure of two major offshore gas fields, Leviathan and Karish.