East Mediterranean gas reserves can help ease Europe’s energy crunch but require funding from institutions like the European Bank for Reconstruction and Development and the European Investment Bank to realise the area’s full potential, an official said on Friday (14 October).

Japan’s cabinet approved Friday bills to revise laws to ensure stable supply and demand of liquefied natural gas in the event of an energy contingency, amid procurement concerns driven by the Russian offensive in Ukraine.

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The U.S. Treasury is looking to structure a three-phased approach to the G7 sanctions and price caps on Russian oil to keep Russian crude and products flowing—but at lower prices.

Growing demand for biomass is putting pressure on industry to deliver sufficient quantities without destroying the environment, the European Commission has warned, pointing to a looming “availability gap” which could be as big as 40-70% by 2050.

Japan’s government is amending laws that will allow state firm Japan Oil, Gas and Metals National Corporation (JOGMEC) to buy liquefied natural gas this winter if private companies cannot afford to do so, Industry and Trade Minister Yasutoshi Nishimura said on Friday.

The Abu Dhabi National Oil Company (ADNOC) has awarded a major drilling contract to its subsidiary.

Russian President Vladimir Putin told his Turkish counterpart Recep Tayyip Erdoğan on Thursday (13 October) that Turkey was the most reliable route to deliver gas to the European Union and proposed to build what he called a supply hub there.

Sanctions imposed on Russia for its invasion of Ukraine have been “melting away” Russia’s ability to fund the war, though China and Turkey are assisting Russia in evading Western sanctions.

Russia will continue supplying oil to Europe via pipelines for consumers interested in it, Deputy Prime Minister Alexander Novak said at the Russian Energy Week.