15 January 2015, 16:05 GMT
VIENNA, January 28 (Sputnik) – The demand for gas in Europe will grow after 2020, the vice president of strategy and market analysis of French company Total said Wednesday.
"European gas is challenged, but should rebound up from 2020," Laurent Vivier said during the eighth European Gas Conference in Vienna.
According to Vivier, Europe does not need liquefied natural gas (LNG) until 2020. Many LNG facilities, however, are being built on the continent in order to ensure energy security.
The majority of LNG streams are contracted in Asia, Vivier said. If Europe wants to return those streams, it would have to pay a much higher price than it does now, according to Vivier.
Europe is largely dependent on Russia for energy resources. Russia remains the the European Union's largest source of energy imports, accounting for approximately 32 percent in 2012, according to the European Commission.
