Germany is taking control of Russian oil major Rosneft PJSC’s German unit, including stakes in three oil refineries, as Chancellor Olaf Scholz reacts to the unprecedented energy crisis sparked by the invasion of Ukraine.
Talks are under way over Germany buying a major stake in Uniper, amid “increased uncertainties”, the company has said.
Australia’s Woodside Energy (ASX:WDS) will supply liquefied natural gas (LNG) from its global portfolio to Europe, including Germany, starting in January 2023 after signing a flexible long-term deal with Uniper.
Russia will keep the key Nord Stream 1 gas pipeline to Germany shut, state-owned energy giant Gazprom said on Friday, delivering a massive blow to Europe.
Germany has been on the hunt for new LNG supplies in order to stave off the near term crisis of stuttering Russian gas supplies. Chancellor Olaf Scholz’s visit to Canada did not come through on the LNG front, but he did seal an ambitious deal on hydrogen.
Germany's government has secured the delivery of a fifth FSRU in a bid to tackle the country's gas challenge.
Equinor and Wintershall Dea have partnered up in the development of a Carbon Capture and Storage (CCS) value chain connecting continental European CO2 emitters to offshore storage sites on the Norwegian Continental Shelf.
European natural gas prices plunged the most since March after Germany said its gas stores are filling up faster than planned.
Gazprom PJSC will stop delivering natural gas to Europe through its main pipeline for three days, further squeezing energy supplies just as Germany is trying to build up stocks for the winter.
Russia’s war in Ukraine has Europe bracing for a tough winter, but the costs are piling up higher in emerging nations as governments struggle to keep energy flowing to citizens hit by surging inflation.
Uniper has been hard hit by reduced Russian gas deliveries, posting major losses and with better times only coming in 2024, it has said.
German households face additional annual costs of about 500 euros ($510) to pay for natural gas as the government spreads the burden of Russia’s squeeze on energy flows to Europe.
European energy security faces a seemingly impossible task of meeting short-term demand with longer-term decarbonisation. Society does not have the luxury of declaring this to be impossible, though, so must take steps now to meet the challenges.
Russia is once again sharply reducing the flow of piped gas to Germany, reminding Europe of the daunting challenge the continent faces to build up its energy stockpiles before winter.
Germany has agreed to buy a stake in Uniper and also provide multi-billion euro in various instruments.
Germany is pressing ahead with its plans to begin imports of LNG, with an award going to Friedrich Vorwerk for a pipeline connection to the Brunsbüttel terminal.
Uniper has retracted its financial guidance for 2022 as spiralling gas prices have driven it to seek support from the German government.
Russia stepped up the use of energy as a weapon by further cutting natural gas shipments via its biggest pipeline to Europe, prompting Germany to accuse the Kremlin of trying to drive up prices.
Fitch Ratings has increased its oil and gas price forecast, indicating increased pressure on the European market driven by strong demand.
Approval of the Shell Jackdaw gas field in the North Sea is now “imminent”, according to a newspaper report.
Germany said Russia is using energy as a “weapon” after Moscow reduced natural gas supplies in retaliation for Europe’s penalties over the war in Ukraine.
Germany and India have signed a series of bilateral agreements that will see the South Asian country get 10 billion euros ($10.5 billion) in aid by 2030 to boost the use of clean energy.
Germany has officially launched construction of an LNG terminal at Wilhelmshaven, while signing up preliminary agreements for four FSRUs.
Europe invested almost £35 billion in new wind farms last year, bankrolling 25 gigawatts (GW) of fresh capacity.
Uniper has warned a “significant earnings decline” for the first quarter as it shifts its strategy to releasing gas later in the year.