Over the last three to four years, the SE Europe1 gas market has been transformed. It is no longer a collection of islands, disconnected from each other and with supply dominated by Russia. Instead, it is now an integrated market region, with diverse supply options. Russia’s market share has been eroded by gas flows through the Southern Gas Corridor from Azerbaijan and new LNG terminals. There are three LNG regas terminals now; to Greece’s Revythoussa has been added Croatia LNG at Krk, and Greece’s Alexandroupolis FSRU went commercial just recently in October 2024. Adding to this picture is the region’s interconnection with Turkey and the capacity to bring gas from the Turkish LNG terminals to Bulgaria. Russia retains a strong presence through gas delivered by Turk Stream, but it is increasingly realistic to see SE Europe being able to replace all its Russian supply, especially with its upstream developments.

Romania’s offshore Neptun Deep is planned to be on-stream in 2027 and reaching its plateau 8 Bcma a year later, transforming Romania from a small net gas importer into a material net exporter. With steel being cut for the platform and drilling starting in early 2025, this schedule looks realistic. Next year will also see drilling offshore Bulgaria, where hopes of a discovery on Han Asparuh are increasing. 

Interconnector expansions are also planned, notably on the Greece-Bulgaria IGB pipeline. Greece and most of the region’s TSO are also pursuing a south-north ‘Vertical Corridor’ route linking up existing national pipelines to form a capillary delivery system stretching from Greece to Hungary. Croatia LNG is being expanded and there are also proposals for further FSRUs in Greece. 

Interconnectivity expansions, wider diversity of import options and increasing regional production will set the region up well to address several short and longer-term challenges. This conference will be a forum for helping frame the questions and understanding what is needed. 

These Issues Include:

• • The future of Russian gas in South East Europe. 
  • The challenge of replacing lignite (SE Europe produced 103 million tonnes of lignite in 2023).  Can renewables replace the lignite or is gas a better option? 
  • The gas relationship with Turkey. 
  • Expansion of TAP and the Southern Gas Corridor – can Azerbaijan step up supply and is there a role for Turkmenistan? 
  • Expansion of LNG regas terminals and pipelines – financing, and when is enough enough? 
  • Pricing and potential hub development implications from Romania’s pivot to exports. 

Shape the Future of Europe's Energy at EGC 2025

Discover more about the transformation of Central Europe's gas markets and the future of Europe’s energy landscape at EGC 2025, the premier gathering for senior energy leaders and policymakers. Explore key topics such as LNG expansion, regional interconnectivity, and the evolving role of gas in Europe’s transition to a low-carbon future. 

Visit the EGC Website to learn more and apply to attend this exclusive, invite-only event.

Be part of the conversation shaping the future of Europe’s energy sector.