Save for later Print Download Share LinkedIn Twitter Europe’s efforts to diversify its gas supplies away from Russia could offer a significant opportunity for some of the Western majors to step in to fill the gap. The European Union is hoping to source an additional 50 billion cubic meters of gas (37 million tons) through additional LNG imports, as part of a plan to trim Russian gas imports by two-thirds (100 Bcm) by the end of this year. European majors, particularly Shell and TotalEnergies, that have spent the last five years building flexible LNG portfolios, are better placed to capture upside in spot markets than their US competitors. European Commissioner for Energy Kadri Simson estimated that the bloc had already cut its dependence on Russian gas from 40% of total supplies in April 2021 to 26% in April this year. With total LNG sales of around 124 million tons, Shell, Total and BP accounted for one-third of the 372 million tons of LNG sold globally in 2021. Energy Intelligence assessed LNG prices for southwest Europe at $17.50 per million Btu for the week of May 16, up from $9/MMBtu at the same time last year, with spot LNG netbacks rising as high as an estimated $23-$25/MMBtu.