Norway’s Natural Gas Exports Set to Reach All-Time High, Says Equinor Senior VP Norway’s Natural Gas Exports Set to Reach All-Time High, Says Equinor Senior VP

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By Ronald Tech

Norway’s Record-Breaking Exports

Norway’s natural gas exports are predicted to reach an all-time high this year, according to Equinor’s Senior VP Helge Haugane. This forecast comes as scheduled maintenance is reduced across Norway’s facilities, allowing for higher volumes than the previous year. Haugane shared in a Bloomberg interview on Tuesday that the reduced maintenance in 2024 is expected to lead to increased export volumes. He stated, “In 2023, there was a lot of maintenance, in 2024 there will be less.”

Implications for Europe’s Energy Security

As Europe’s largest natural gas supplier, Norway exported approximately 109 billion cubic meters of gas to the continent in 2023. This record-breaking volume underscores Norway’s pivotal role in enhancing Europe’s energy security. The significance of Norway’s contribution was particularly evident last summer when unplanned maintenance at its facilities caused concern and volatility across energy markets.

Market Volatility and Equinor’s Initiatives

Addressing market dynamics, Haugane emphasized the impact of Russian pipeline gas constraints on Europe and the comparatively longer response time for liquefied natural gas (LNG) compared to pipeline gas. He highlighted that these factors are expected to contribute to increased volatility in the future.

Equinor has been actively enhancing the capacity of its facilities, specifically reducing bottlenecks at Kollsnes. Haugane noted that this initiative has boosted the capacity from 144 million cubic meters per day to 156 million cubic meters per day.

Diversification in LNG Portfolio

Besides expanding its capacity, Equinor is strategically building its LNG portfolio. The company recently concluded agreements with Cheniere Energy to procure LNG and sell it to India’s Deepak Fertilisers. Haugane indicated that Equinor aims to diversify its LNG outlets, leveraging supplies from both Norway and the U.S., and hinted at undisclosed additional deals in the pipeline.

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Disclaimer: This article is for informational purposes only and does not constitute investment advice.