No magic tap for Europe to replace Russian gas via Turkey
Europe has been looking to Azerbaijan, Israel and other countries to transit gas via Turkey, but assuming political obstacles can be overcome, the massive investments needed will take time to realize.
The build-up of Russian troops on Ukraine's borders and the subsequent brutal invasion has sent European leaders rushing to find new sources of natural gas to replace at least a significant part of the 155 billion cubic meters of gas that the European Union imported from Russia last year — around 40% of its total consumption. But securing new pipeline gas supplies will not be easy or quick. The simple fact is that there is no "magic tap" that the EU can turn on.
So far, much of Brussels’ interest has focused on Turkey as a possible transit route for increased volumes of gas from Azerbaijan and of gas from Israel's huge but as yet untapped reserves.
On Feb. 4, EU Energy Commissioner Kadri Simson reported an agreement with Baku to "step up our partnership" in the gas sector, with Azerbaijan's Energy Minister Parviz Shahbazov confirming March 12 that Azeri gas reserves of 2.6 trillion cubic meters are "enough for its neighbors and European countries."
Meanwhile, the March 9 visit to Ankara by Israeli President Isaac Herzog followed considerable speculation of a possible agreement to transit gas from Israel’s giant Leviathan gas field.
