Browsing: Russian Oil

The world has in recent months witnessed a dramatic turnabout on the future of nuclear energy, mainly in the developed countries.

This is on the back of the Russia-Ukraine war which has seen post-pandemic energy shortages turn into a full-blown energy crisis.

According to the International Monetary Fund (IMF), nuclear power plants slated for closure across Europe have been given “an 11th hour reprieve.

Japan has announced, after a decade of paralysis, that it plans to restart many of its reactors, which have sat idle since the nuclear accident at Fukushima Daiichi.

France, which had launched plans to reduce its dependence on nuclear energy during President Macron’s first term, reversed course and now, plans to build at least six new reactors and a dozen smaller modular reactors.

The UK on the other hand recently launched an ambitious plan to build eight new reactors and16 small modular reactors.

Even anti-nuclear Germany

For practical reasons, European gas buyers need to find a way to make up for the supplies missing from Russia. And for both policy and practical reasons, Brussels wants to deny Moscow the opportunity to continue using gas supplies as a blunt instrument with which to threaten Europe in the future.

The change isn’t going to be immediate. Reducing Russia’s profile in the EU’s energy mix will take time. But the process of supply reduction is underway, and it has already opened up new opportunities for African gas producers to acquire market share in Europe. I expect those opportunities to last beyond the near term as the EU attempts to establish a new combination of gas suppliers to replace Russia over the next few years. 

I also hope Africa’s emerging gas producers take advantage of new LNG technologies, such as the modular Fast LNG solutions offered by New Fortress Energy…