Approximately 75 million barrels of oil are transported annually via the Baltic Sea, but this is the closest the region has come to oil ventures.
This is despite the fact that data from the U.S. Geological Survey (USGS) shows that deep under the Baltic Sea there are considerable deposits of natural gas – up to 282 million barrels of conventional oil and 1,300 million barrels of shale oil. Plus approximately 17 billion cubic metres of natural gas and 130 billion cubic metres of shale gas.
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Ahead of Thursday’s long awaited meeting between EU’s energy ministers, the EU Commission still has yet to rubber-stamp any proposed solutions to the energy crisis. According to a commissioner, preparations are still underway for the meeting – and gas prices are in focus, according to documents leaked Wednesday.