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Since the outbreak of the Russia-Ukraine conflict, Europe has been actively phasing out Russian oil and gas. By importing oil and gas from the United States and the Middle East and developing renewable energy, it aims to mitigate the crisis resulting from this shift away from Russian energy sources. However, this move has also given rise to new problems, such as an excessive reliance on U.S. liquefied natural gas (LNG) for natural gas demand. To this end, Greece, Italy, and the UK have begun to ease restrictions on new oil and gas exploration projects. Meanwhile, more European countries are also actively developing their own oil and gas fields in order to reduce their dependence on U.S. LNG. In November this year, Greece issued the country’s first offshore oil and gas exploration licenses in over 40 years to three companies, including ExxonMobil. The license is located in Block 2 of the Ionian Sea, where natural gas reserves could amount to as much as 200 billion cubic meters; production is expected to begin by the end of 2026 or in 2027. Furthermore, Greece also granted Chevron and the Greek **Oil Company exploration rights in the southern part of the Peloponnese Peninsula. The Italian government is also considering resuming offshore oil and gas exploration projects, which were put on hold back in 2019. Recently, the UK government relaxed the ban on new exploration activities in the North Sea, allowing companies to increase production at existing oil fields. In the coming months, it is expected to approve two major new oil field projects. Meanwhile, significant oil and gas exploration breakthroughs in Poland earlier this year have drawn industry attention to the country’s prospects for offshore oil and gas development ； Norway’s **Oil Company even plans to drill 250 exploration wells in the next decade. However, within the EU there are also those who **go against the trend**. Denmark completely banned new oil and gas exploration projects in 2020 ； Although the Netherlands halted new onshore oil field development in 2023, it still permits offshore oil and gas exploration activities. The energy crisis triggered by the Russia-Ukraine conflict in 2022 has led to a significant shift in Europe’s energy landscape; as a result, natural gas is likely to continue to play a role in Europe’s energy mix for decades to come. Reuters reported that data from Eurostat shows that currently, 85% of the EU’s natural gas consumption relies on imports. In the 1990s, however, domestic natural gas production at its peak was able to meet 50% of market demand. Currently, the United States is already the largest supplier of LNG to Europe, accounting for 16.5% of the EU’s total natural gas consumption. Energy Aspects, an energy analysis firm, pointed out that as the EU plans to ban imports of Russian LNG starting in 2027 and imports of Russian natural gas beginning in 2028, the share of U.S.-supplied LNG in Europe is expected to rise from 58% this year to around 70% between 2026 and 2029. Affected by factors such as insufficient natural gas reserves and a decline in gas deliveries to Europe via pipelines from Russia and Algeria, Europe’s dependence on U.S. liquefied natural gas is increasing steadily. Reuters reports that Europe may need to import as many as 160 additional LNG ships this winter; the number of LNG shipments this year will increase from 660 last year to 820, with this amount accounting for 48% of the EU’s total natural gas supply. Most of this LNG comes from the United States. According to the Institute for Energy Economics and Financial Analysis, the EU’s imports of liquefied natural gas over the past three years have cost approximately 225 billion euros in total, of which 100 billion euros was spent on liquefied natural gas imported from the United States alone. Such high costs are partly due to the higher price of liquefied natural gas in the United States compared to other sources, forcing European buyers to pay more for it. Earlier this year, the EU also pledged to increase imports of U.S. liquefied natural gas. The trade agreement reached between the EU and the *** government stipulates that over the next three years, the EU must purchase energy products from the United States worth 250 billion dollars per year; by 2028, the total amount purchased will reach 750 billion dollars. In exchange, the United States reduced import tariffs on EU goods from 30% to 15%, and also received a commitment of $600 billion in investments from the EU in non-energy sectors. The Institute for Energy Economics and Financial Analysis states that a target of $250 billion in annual energy purchases is unrealistic; if the EU proceeds with this plan, it will end up relying on the United States for around 70% of its energy imports. Such an excessive dependence on a single supplier country would pose a serious threat to Europe’s energy supply security. Against this backdrop, U.S. LNG exports are reaching record highs. As the flow of natural gas into LNG processing plants reaches its peak, the U.S. federal government is planning to further accelerate the development of infrastructure for LNG exports. The U.S. Energy Information Administration predicts that if all the currently planned LNG projects are completed and brought online, the U.S. LNG production capacity will more than double.