By Arathy Somasekhar and Georgina McCartney
HOUSTON, March 19 (Reuters) - Europe will need to come
up with more infrastructure if it is to replace Russian gas as
thoroughly has it has crude oil, oil and gas executives said at
an energy conference on Tuesday.
Europe's pipeline gas imports from Russia have dropped since
Moscow's 2022 invasion of Ukraine, and the European Commission
has called for nations to end its reliance on Russian fossil
fuels by 2027.
But European Union countries have avoided sanctioning or
banning imports of Russian gas or its liquefied natural gas
(LNG). Some countries including Austria and Hungary remain
significant buyers of the Russian fuel.
"Redirecting liquefied natural gas and building regas
terminals are not long term solutions, Exxon Mobil ( XOM ) Vice
President John Ardill said at the CERAWeek energy conference."
The company has discovered natural gas in the Eastern
Mediterranean and expects to begin an exploration drilling
program next year, Ardill added.
"The infrastructure has not been there and is still not
there. At this stage, Europe really could not cut off LNG," said
Gunvor Chairman Torbjörn Törnqvist in separate remarks at the
conference.
"Unlike in oil, Europe is a little bit more pragmatic when
it comes to receiving Russian gas," Tornqvist said.
Gunvor continues to fulfill its long term contract to supply
Russian LNG to Europe, but there is no room for Russian spot
market LNG volumes, he said.
(Reporting by Arathy Somasekhar in Houston)