Lower Saxony's Minister President Olaf Lies has advocated for North Sea gas extraction. High gas prices are making the reserves attractive to bolster supply security. The benefits, however, are limited.
Gas prices have risen sharply worldwide. In Germany, attention is turning back to North Sea reserves. Olaf Lies (SPD) told Handelsblatt: "We still need gas, and we must urgently ensure it is reliably available. North Sea extraction represents a building block in this."
Lower Saxony plays a key role in gas production. It holds the largest share of Germany's gas reserves. The state mining, energy, and geology office handles permits and oversight for the German North Sea sector.
"We need a diversified energy supply – from domestic production, LNG terminals, and reliable partners like Norway and the Netherlands," Lies stated. "Only this way can we ensure supply security and price stability with gas as a bridge to climate-friendly energy."
Market risks lend weight to the debate. Following the US and Israeli attack on Iran and the Strait of Hormuz blockade, gas and oil prices have surged. North Sea gas could secure supplies, though potentials are relevant but not huge. Companies stand ready.
