Portugal is set to increase its imports of liquefied natural gas (LNG) from the United States and Nigeria, while ending its reliance on Russian gas, Environment Minister Maria da Graca Carvalho announced on Tuesday. Data from REN, the operator of Portugal’s electricity and gas grids, reveals that in 2024, Portugal imported 49,141 gigawatt-hours (GWh) of natural gas, with nearly 96% coming from LNG.
Nigeria supplied 51% of Portugal’s LNG, while the U.S. provided 40%, and Russia accounted for 4.4%. Before the war in Ukraine, Russia had supplied 15% of Portugal’s LNG.
Portugal’s energy independence is partly due to its disconnected energy grid, earning it the label of an “energy island.” Despite having no oil, gas, or coal reserves, Portugal has developed a robust LNG sector. Along with Spain, Portugal was one of the first countries in Europe to build LNG regasification facilities. The two countries now account for one-third of Europe’s regasification capacity. While Spain has the most terminals, Portugal’s facilities are strategically located.
In other news, Slovakia’s Prime Minister Robert Fico recently suggested the possibility of resuming gas transit through Ukraine after a five-year transit deal between Moscow and Kyiv expired. Fico is urging Ukrainian President Volodymyr Zelenskiy to restart the gas flow due to rising energy costs for Slovakia and the region. On December 1, Azerbaijan’s state oil company, SOCAR, began supplying natural gas to Slovakia’s state-owned energy operator, Slovenský plynárenský priemysel (SPP). This follows a pilot contract signed with Azerbaijan in preparation for a potential reduction in Russian gas shipments.
Fico emphasized the importance of using Slovakia’s pipeline, which has a capacity of 100 billion cubic meters, and stated that he would work to ensure it continues to be utilized in the future.
Meanwhile, natural gas prices in Europe surged to €48 per megawatt-hour on Tuesday, driven by increased demand due to cold winter weather. The price hike comes shortly after former U.S. President Donald Trump lifted a moratorium on new LNG export licenses. This move is expected to boost demand for U.S. LNG in Europe and Asia, with Trump also urging the EU to purchase more American oil and gas to avoid potential tariffs.
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