However, a preparatory document for a meeting of EU energy ministers next week, seen by Reuters, revealed countries also plan to discuss domestic gas production. The document is prepared by Cyprus, which holds the EU’s rotating presidency and will chair the meeting. Cyprus has offshore natural gas reserves.
“Given the current price shocks and the volatility of the global LNG market, how do you see the role of indigenous gas resources to act as a collective mechanism for price stability for the entire Union?” the document questions.
It states the challenge is to incentivise the apply of domestic reserves, “without locking us into carbon-intensive systems that undermine our long-term climate goals”.
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