Sunday, October 2

Norway eyes high gas output until 2030, says energy minister


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OSLO — Norway plans to maintain its current high gas production level until the end of the decade as Europe plans to ditch Russian imports over Moscow’s invasion of Ukraine, Norway’s energy minister said on Tuesday.

“I expect that we can maintain the production levels we are at now until 2030,” Terje Aasland told Reuters in an interview.

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“We see that there are projects and also plans for development and operation coming now that can help maintain the high gas volumes going forward,” he said.

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The Nordic country is expected to produce some 122 billion cubic meters (bcm) of gas this year according to official forecasts made in May, an increase of 8% from 2021, possibly beating a record set five years ago.

The Norwegian Petroleum Directorate predicted in January that gas output would reach 118 bcm in 2026, which is the latest year forecast by the regulator, below current levels.

Norway is now Europe’s biggest supplier of gas according to Refinitiv Eikon data, overtaking Russia, which has cut back on its gas deliveries.

(Reporting by Nora Buli and Nerijus Adomaitis, editing by Gwladys Fouche and Terje Solsvik)



financialpost.com