Page 53 - Nigeriaone mag 3 edition en

Norway, the continent’s main supplier of natural gas

The Mongstad energy complex in Norway

According to Reuters, Norway has surpassed Russia as the EU's top supplier of natural gas, as energy supply
chains are reshaped with Moscow cutting back on flows to EU countries via the Nord Stream 1 pipeline.
According to government data from May, Norway has increased its natural gas production by at least 8 percent
from last year. This means that the Scandinavian country could produce more than 122 billion cubic meters
(bcm) of natural gas this year. This is a consequence of the European Union reducing its dependence on
Russian natural gas.
Analysts’ data shows that Norway is now the largest supplier of natural gas to Europe, surpassing Russia, which
has reduced Nord Stream's capacity to just 20 percent. As an illustration, crude oil and natural gas amounted to
60% of total value in Norway’s exports of goods in 2021. Domestic consumption of gas in Norway is very low,
and nearly all the gas produced is exported
Norwegian Oil and Energy Minister Terje Aasland believes that production levels can be maintained throughout
the decade as new projects come online. "I expect that we can maintain current production levels through 2030,"
he said. That's certainly a relief for the energy-challenged continent. He added "We see that there are projects
and plans for development and operation that can help maintain the high volumes of gas in the future,".
According to him, diversifying the EU's natural gas supply from Russia was essential.
The increase in flows from Norway also comes as natural gas prices in Europe have tripled and hit new records
this summer. However, prices fell recently from all-time highs after news that Germany was ahead of schedule
in filling storage facilities ahead of winter.
"In principle, the market is predictable. When there is a shortage, prices are high. This also helps to increase
production and direct gas to the markets that need it most," Aasland said.
Equinor, the majority state-owned and Norway's largest oil and gas producer, is obliged to increase hydrocarbon
exploration projects to meet EU demand. Meanwhile, the company is also boosting investments in renewable
energy and low-carbon technologies in order not to be distanced in the world process of energy transition.
Some experts say that Europe could achieve partial energy indépendance through Norway, as the country is now
the continent's main supplier of natural gas and may be able to maintain high production levels until at least
2030.

International 53