In Europe, ‘Drill, baby, drill’ is back with a gas crisis looms!

In Europe, ‘Drill, baby, drill’ is back with a gas crisis looms!

Updated on August 02, 2022 15:30 PM by Anna P

Bustling tourist trade!

The Island of Schiermonnikoog is 10-mile long and one of the most beautiful places in the Netherlands, boasting the widest beach in Europe, 300 different species of birds, and bustling tourist trade. From the shores of Schiermonnikoog, the Dutch and German governments approved the development of a new gas roughly 12 miles.

Damage the area!

The gas drilling may cause damage to the area. Europe is desperate to secure gas supplies that cannot be cut off at Moscow’s whim. By 2023, EU leaders set a voluntary target to reduce gas usage by 15% to evade a crisis.

The energy supply squeeze pushes prices higher, sparking a wave of blackouts and leaving vulnerable households unable to pay their bills. The gas field near Schiermonnikoog is not scheduled to start delivering gas to Dutch and German households until 2024. It could be operating for decades with licenses valid until 2042.

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Great gas rush!

State-owned Gazprom slashed flows through the crucial Nord Stream 1 pipeline to 20% of daily capacity. European countries fill their gas stores to 90% of their capacity. Russia decides to cut off its gas deliveries from October.

In 2020, Denmark announced a plan to phase out fossil fuel production, boosting extraction from North Sea fields with licenses. Domestic natural gas production will hike to 2 billion cubic meters from 1.5 billion cubic meters. Average energy bills in the United Kingdom top £500 for January alone.

Related: Severe supply shock of natural gas in the European Union

Long-term view!

This winter, some of these gas projects could increase European supplies in case Russian President Vladimir Putin turns off the flow from Russia. Canada’s Zenith Energy is reactivating a well in northeast Italy as they yield 1300 cubic meters of gas per day; expert production is to commence between October and December.

Europe has enough gas infrastructures even in the event of significant disruption.      Renewable could fill the gap instead of natural gas with a lower carbon footprint than oil and coal, contributing to global warming.

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Ecological risk!

Schiermonnikoog worried about the protection of a sensitive UNESCO World Heritage site. A joint venture between Shell and Exxon was one of the biggest sources of European gas supply due to earthquakes. In 2016, there were 271 seismic events with a magnitude of 1.5 or larger.

Supply of energy!

In crises, dependence on fossil fuels is at the root as the government continues with new oil and gas projects. The Russian war of aggression on Ukraine proved that energy supply is a challenge with some safety measures, especially environmental concerns.

While contributing to climate change, there is nothing to address about the energy price crisis.

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