EurOil: Norwegian gas export could hit new record in 2024, says Equinor

Norwegian natural gas exports could reach a record high this year, Equinor’s senior vice president for gas and power, Helge Haugane, told Bloomberg in an interview on February 20.

Norway has stepped up to become Europe’s largest gas supplier, replacing Russia following drastic cuts in that country’s pipeline supply to the continent in the last two years. It delivered around 109bn cubic metres last year.

However, while overreliance on Russia was a concern for geopolitical reasons, too much dependence on Norway also carries risks to energy security from disruptions. Last summer unplanned work at some Norwegian facilities triggered a spike in European energy prices, highlighting these risks.

“We could get higher volumes than what we saw last year,” Haugane said. “In 2023, there was a lot of maintenance, and in 2024 there will be less.”

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