Europe may have tough time replenishing its gas reserves — Gazprom

Europe’s replenishment of its gas reserves in underground gas storage (UGS) facilities to last year’s levels may not be a simple task because of the politically-driven rejection of Russian pipeline gas, Gazprom said on Tuesday.

"It will be very challenging to do this, considering the politically-motivated decisions aimed at rejecting Russian pipeline gas. The competition for liquefied natural gas will have a strong effect on volumes of gas available on the European market. In such conditions, replenishing gas reserves in storage facilities to last year’s levels may prove to be a tough task for European companies," the Russian gas giant said.

The gas extraction season from Europe’s underground storage facilities ended on April 6 and the UGS filling level declined to 55% or a total of 55.4 bln cubic meters. Warm winter weather played a big role in helping Europe get through the heating season. "But there is no guarantee that the weather will be so giving in the next heating season," Gazprom noted.