Document says EU Energy Ministers will discuss domestic gas drilling

An internal document obtained by revealed that the energy ministers of European Union countries will discuss the production of domestic?gas? next week as they seek to reduce the economic impact of Iran's war.

After the Middle East conflict, which has caused unprecedented disruptions, the EU is heavily dependent on imports of gas. This accounts for about 80% its energy needs.

Brussels said that since U.S. and Israeli airstrikes started the war in February, it'remains committed to improving Europe's energy-security and achieving goals to reduce climate warming emissions by replacing fossil fuels with clean energies and reducing its vulnerability to volatile oil markets.

A document preparing for the meeting of EU energy ministers, which will take place next week, revealed that countries plan to also discuss domestic gas production. The document was prepared by Cyprus, which is currently holding the rotating EU presidency and will be chairing the meeting. Cyprus has offshore gas reserves.

How do you view the role of domestic gas resources as a collective mechanism to ensure price stability in the Union, given the current price shocks? The document asks.

The challenge, it says, is to encourage the use of domestic resources "without locking us in carbon-intensive systems which undermine our long-term goals on climate".

CYPRUS SAYS ITS GOAL IS 'PREPAREDNESS' AND 'BALANCE'. A spokesperson for Cyprus' EU Presidency said that the goal was to "take a pragmatic look" into how?the EU can ensure?energy security in the future and deal with energy shocks. The spokesperson stated that the focus was on preparedness and balance rather than reversing energy transition.

Some?EU diplomats stated that the planned discussion reflected an increasing openness within the EU to consider domestic production.

The responsibility for national energy resources lies with the individual countries and not Brussels.

The EU's domestic gas production has been reduced by half over the last decade due to low investment in new exploration, and the Netherlands' decision?to close its massive Groningen Gas Field to prevent seismic activity which damaged thousands of buildings.

Both Romania and Cyprus plan to increase their domestic production. (Reporting and editing by Barbara Lewis; Kate Abnett)

(source: Reuters)