Norway will increase gas supplies to Europe this summer

Equinor signs a significant renewable energy contract. Image Credit

Norway will increase its natural gas output in the coming months, holding production higher than typical through the summer and providing larger volumes to Europe at a time when there are shortages and prices are rising, Equinor told to Reuters.

The Russian invasion of Ukraine has pushed up already high gas costs, leaving European countries rushing to refill reserves depleted by winter demand and find alternatives to Russian supplies.

Equinor said it will provide additional gas by delaying some maintenance and making other modifications with pipeline operator Gassco.

In a statement, Equinor executive Irene Rummelhoff said, "We can export more gas this summer."

The Oseberg field will be able to raise gas exports by around 1 billion cubic meters (bcm) this year thanks to revised production licenses from the Norwegian government, while the Heidrun field will be able to expand output by 0.4 bcm.

According to Equinor, 1.4 billion cubic meters of gas is enough to supply gas to 1.4 million European homes for a year.

The Troll field, the North Sea's largest source of gas, may also enhance output in the event of interruptions at other sources, improving overall supply reliability, according to the business.

Equinor said it was looking into ways to boost gas production from areas off the coast of Norway in the medium term, but that its long-term production forecast remained unchanged.

Equinor decided to sell more gas from its Gina Krog field this winter instead of pumping additional oil, and other corporations are exploring similar moves.

Norway produced 113 billion cubic meters of gas in 2021, meeting about a quarter of the gas demand in the European Union and the United Kingdom.

Despite the fact that Norwegian oil and gas fields are operating at nearly full capacity, the mix of oil and gas can be altered in some circumstances. Field quotas are established by the government to ensure that the country's output is maximized throughout time.

Norway produces roughly 4 million barrels of oil equivalent per day, with oil and natural gas being split almost evenly.

About 95 percent of the country's gas is exported through a vast subsea pipeline network that connects it to terminals in Germany, the United Kingdom, France, and Belgium. This year will see the completion of a new pipeline to Poland.

Source: Reuters