Baltic, Business, Energy, Energy Market, Gas, Gas Market , Lithuania

Harms said during a press conference at the Lithuanian Parliament that cutting consumption of fossil fuels and reducing carbon dioxide emissions is the main precondition for fighting climate change and striving for energy innovation. Harms said that gas extraction would not be necessary if all other alternatives were well-thought-out.

Environment Minister Kestutis Treciokas announced in April that shale gas exploration tender in Silute-Taurage region would be announced in 3 months. However, the prospect of shale gas extraction would depend on investor interest.

The EU has committed to cut carbon dioxide emissions by 20 percent by 2020, compared to the level of 1990. The European Commission prepared the energy security strategy for the EU, based on which energy consumption in the EU should be decreased by a quarter, energy supply would be diversified, consumption of fossil fuels would be reduced and renewable energy promoted.

Currently, the EU imports 53 percent of energy it consumes - 85 percent of oil, 67 percent of gas, 41 percent of solid fuels and 95 percent of uranium. EU imports 35 percent of oil, 26 percent of gas and 30 percent of coal from Russia.