Solving the European gas conundrum 

Vladimir Putin seems to be wagering on an American-brokered deal allowing cheap Russian gas to flow back into Europe. But his unprovoked invasion of Ukraine back in 2022 has in reality forced Europe to look elsewhere for its energy needs. This evolving reality has revived debates on the potential exploitation of Europe's overlooked gas reserves or the arrival of American LNG. With a mix of newly discovered fields and older ones that remain economically viable, the continent may still possess resources it once considered exhausted, writes Mark Graham.

Since Europe’s decoupling from its reliance on cheap Russian gas, it has been somewhat scrambling for viable long term alternatives. According to data from the International Energy Agency (IEA), Russian pipeline gas supplied over 40% of Europe’s gas before the invasion of Ukraine. As of 2024, that figure has plummeted to below 10%. Currently, Norway has managed to meet 30% of Europe’s gas demand, with its gas exports rising by 6.9% in 2024, breaking all previous records. The country is now the continent’s biggest supplier. Europe has also ramped up LNG imports, notably from the United States as it seeks to reinforce its energy security. The reality is that a more diversified approach is required, and this includes exploiting existing infrastructure, such as the vast potential of mature wells in countries like Romania. 

US LNG and European energy security  

The United States has stepped in to fill part of the gap left by Russian gas, significantly increasing LNG exports to Europe. This was outlined by Ursula von der Leyen in a joint press conference with then President Joe Biden back in 2022: "We aim to reduce this dependency on Russian fossil fuels and get rid of it. This can only be achieved through... additional gas supplies, including LNG deliveries.” In 2023, US LNG exports to Europe consequently surged by 55% compared to 2021 levels, reaching nearly 100 billion cubic meters (bcm), according to the U.S. Energy Information Administration (EIA). 

Despite its benefits, LNG comes with challenges. European countries have had to invest heavily in re-gasification infrastructure, with Germany, for instance, constructing three new floating storage and re-gasification units (FSRUs) in 2023. However, LNG prices are highly volatile and dependent on global demand, particularly from Asia. Natural gas EU prices averaged USD 15.35 per MMBtu in February 2025, up 4.6% from January, according to Focus Economics. Prices soared to their highest levels since late 2023 due to cold weather, reduced wind-generated power, and declining storage levels—the lowest for this season since 2022—exacerbated by the continued reduction of Russian gas flows via Ukraine. However, prices later plunged amid optimism over a potential peace agreement between Russia and Ukraine. This volatility in global markets means developing alternative onshore sources of natural gas is crucial for Europe’s long term energy security. 

The untapped potential of mature gas fields 

One possible solution is the (re)development of mature gas fields, particularly in Eastern Europe. Many of these European gas fields were either exploited or even abandoned not because they were entirely depleted, but because extraction became less economically viable when cheaper imports were available. With today’s energy prices and the urgency of reducing reliance on external suppliers, some of these fields are being reconsidered. Indeed, many believe that an eventual decline in demand for European gas could have grave consequences for countries heavily reliant on oil and gas revenues, which could lead to political and economic upheaval. However, from the North Sea to Romania, previously overlooked reserves could play a crucial role in stabilizing the currently volatile European energy market by removing its reliance on Russia and the United States once and for all. 

Romania, for example, is on track to become the EU’s largest gas producer. Companies like Expert Petroleum (XP), a leader in mature field enhancement, are demonstrating that previously disregarded fields of fields that have reach peak production can still yield substantial output when managed efficiently. XP, which has already established a strong presence in Romania, specialises in reviving older fields through advanced technology and optimised extraction techniques, proving that sustainable, local solutions exist. 

According to a report by Euractiv, Romania’s gas production is expected to reach 13 bcm annually by 2026, largely driven by new investments and enhanced recovery techniques. The firm is also continuing to develop mature gas fields in western Ukraine, in spite of the ongoing war. According to Co-Founder and COO Michel Louboutin there is a real potential to develop a long term solution to Europe’s gas issues in such countries. He said: “Ukraine, for example, possesses the second-largest gas reserves in Europe, surpassed only by Norway”. XP can produce more from these fields that are already mature by “using cutting-edge technologies that only a handful of companies have the expertise, some of which we have even developed in-house to address specific challenges.” 

XP’s approach focuses not only on economic viability but also on minimizing environmental impact. The company employs technologies to maximize the efficiency of extraction while reducing emissions and energy waste. By extending the life of mature wells, XP is able to align with Europe's broader environmental and energy transition goals. “When we begin operations in a country, our goal is to make it a cleaner place. We do this by repairing leaks and cleaning up land that may have been contaminated by hydrocarbons […] A few years ago, we took this commitment further by launching XP Upgreen, a new branch dedicated to reporting and reducing the environmental footprint of oil and gas operations. We quickly secured a significant contract, underscoring the growing importance of sustainability,” explained Louboutin.  

A piece of the puzzle 

It is important to note that mature well exploitation alone cannot replace foreign gas imports. However, it can serve as one component of a broader energy strategy. Alongside increased investment in renewable energy, expanded LNG infrastructure, and regional co-operation, the revitalisation of Europe’s gas fields could provide much-needed energy stability. 

Statistical data highlights the potential: Norway’s gas output reached record highs in 2024 but is expected to decline slightly in 2025. Meanwhile, Europe’s top untapped reserves hold significant promise if the right investments and policies are put in place. According to OilPrice.com, Europe’s largest untapped reserves include sites in Romania, the Netherlands, and the UK North Sea, with a combined potential of over 300 bcm. 

One of the major debates within the industry is how Europe can balance energy security, affordability, and sustainability. While LNG imports provide an immediate solution, their long-term economic viability is in question LNG importers in Germany are facing higher-than-expected costs, with the government agreeing subsidies to mitigate the financial impact on consumers, amounting to up to €28 billion by 2028. Domestic gas production, including mature well recovery, therefore remains a more stable option. Industry analysts continue to argue that developing local reserves could reduce Europe’s reliance on volatile global LNG markets while supporting regional economic growth. 

As Europe navigates the complexities of energy security, every viable solution must be considered that can help bridge the gap between past reliance on external suppliers and a more self-sufficient future. While no single measure will solve Europe’s energy crisis, unlocking the potential of mature gas wells could be an essential part of the solution. By diversifying its energy mix, Europe can ensure that it is not only resilient against geopolitical shocks but also better positioned to transition toward a more sustainable future. 

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