Germany's gas situation is tense and could worsen

Germany’s gas supply situation is currently guaranteed but the situation is tense and further deterioration cannot be ruled out, the country’s network regulator said after Russia’s Gazprom extended an outage of the Nord Stream 1 pipeline.

Russia scrapped a Saturday deadline to resume flows via the pipeline, saying it had found an oil leak in a turbine during maintenance.

“The defects alleged by the Russian side are not a technical reason for the halt of operations,” the regulator said in its daily gas situation report.

About Gazprom

Gazprom holds the world’s largest natural gas reserves. The Company’s share in the global and Russian gas reserves amounts to 15 and 68 per cent respectively.

As the world’s leading gas producer, Gazprom accounts for 12 per cent of the global gas output and 68 per cent of domestic gas production. At present, the Company is actively implementing large-scale gas development projects in the Yamal Peninsula, the Arctic shelf, Eastern Siberia and the Russian Far East.

Gazprom is a reliable supplier of gas to Russian and foreign consumers. The Company owns the world’s largest gas transmission system, the total length of which within the boundaries of Russia reaches 178.2 thousand kilometers. Gazprom sells more than half of its gas to Russian consumers and exports gas to over 30 countries within and beyond the former Soviet Union.

It is also one of the largest producers and exporters of liquefied natural gas (LNG) in Russia. The Company is successfully expanding its LNG sales within the existing Sakhalin II project and implementing new initiatives in order to substantially strengthen its position in the fast-growing global LNG market.