THE ROLE OF LNG IN ENHANCING ENERGY SECURITY IN EUROPEAN COUNTRIES
Author(s):
Olushola Babatunde Ayorinde, Adedayo Adefemi, Oladipo Olugbenga Adekoya, Chinelo Emilia Okoli, Cosmas Dominic Daudu, Andrew Ifesinachi
Daraojimba
This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited
Abstract
As European nations strive for a resilient and secure energy future, liquefied natural gas (LNG) emerges as a pivotal player in bolstering energy security across the continent. This review encapsulates a comprehensive exploration of the multifaceted role LNG plays in fortifying the energy landscape of European countries. The review begins by underscoring the significance of energy security in Europe, where geopolitical complexities and a shifting global energy landscape necessitate diversified and dependable energy sources. LNG, with its flexibility and accessibility, is positioned as a strategic component in meeting these imperatives. The review delves into the key factors amplifying the role of LNG in European energy security: Europe’s dependence on a few traditional gas suppliers has been a longstanding concern. The review explores how LNG diversifies the supply chain, reducing vulnerability to geopolitical disruptions and enhancing supply reliability. The review outlines how investments in LNG infrastructure, including terminals and transportation networks, contribute to creating a robust and accessible LNG supply chain. This, in turn, ensures that European nations can tap into global LNG markets efficiently. The inherent flexibility of LNG is highlighted as a vital attribute in addressing demand fluctuations. The review discusses how LNG enables European countries to adjust their energy portfolios dynamically, aligning with varying energy needs and market conditions. The review underscores the role of LNG in facilitating the transition to a lower-carbon energy landscape. It explores how cleaner-burning natural gas can complement renewable energy sources, contributing to decarbonization efforts while maintaining energy security. Through case studies and analyses, the review illuminates how LNG acts as a buffer against supply disruptions, providing a reliable and continuous energy supply even in times of crises or interruptions in traditional gas pipelines. In essence, this review encapsulates a nuanced examination of how LNG, with its strategic attributes, emerges as a linchpin in fortifying the energy security paradigm of European countries. It provides valuable insights for policymakers, industry stakeholders, and researchers invested in navigating the complex dynamics of Europe’s energy landscape.
KEYWORDS:
Role; LHG; Energy Security; European Countries; Enhancing