EU looks to diversify energy supplies after Gazprom head says era of cheap hydrocarbons is over

The European Commission has unveiled new plans to diversify its energy imports – reducing reliance on Russia, which supplies most of its oil and gas.

It wants the EU to develop alternative sources of energy, including a North Sea offshore grid, and new infrastructure projects in the Baltic States and Mediterranean.

The Commission also wants the EU to get firm commitments from alternative gas suppliers in the Middle East and Central Asia, and new transit pipelines.

The plan comes just a day after the CEO of Russia's Gazprom, Alexei Miller, said the days of cheap hydrocarbon supplies were over.

“The era of cheap hydrocarbons is over.  We can see that due to the disparity between supply and demand.  Oil companies are underinvesting in the sector.  The deficit of oil which was the prognosis for the medium term, will apparently happen earlier than expected.”