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Norway Is A Big Winner In Europe’s Gas Crisis

Western Europe’s top oil and gas producer, Norway, booked its highest-ever exports in September, and its natural gas exports recorded an all-time high value as Europe is scrambling to secure gas supplies for the winter.

Norway’s total exports of goods stood at a record-high $15.5 billion (129.5 billion Norwegian crowns) last month, as the value of natural gas exports jumped sevenfold compared to September 2020, Statistics Norway said this month. The record value of gas exports was the result of record prices for the fuel in September and the very low prices in September last year, the statistics office says.  

In volumes, Norway’s natural gas exports rose by 8 percent last month versus September 2020.

Norway, Europe’s second-largest gas supplier after Russia, is boosting gas deliveries this winter season, after Equinor was allowed to raise gas exports from the Oseberg and Troll fields.  

“The production permits allow us to produce more gas from these two important fields this fall and through the winter. We believe that this is very timely as Europe is facing an unusually tight market for natural gas,” said Helge Haugane, senior vice president Gas & Power.

Crude oil exports out of Norway doubled in value in September compared to the same month last year, as per Statistics Norway data. Crude oil exports, however, dropped in September compared to August 2021.

Going forward, Norway will continue to develop its oil and gas industry under the new minority government led by Labour Party leader Jonas Gahr Stoere.

Norway will continue to grant permits for oil and gas exploration on the Norwegian shelf and will keep the current system of oil auctions, the government says. Over the next four years—during the term in office of the government—most of the exploration activity will take place in mature areas of the shelf.

“We know how important our oil and gas revenues and oil wealth are for welfare development,” the new Energy and Petroleum Minister, Marte Mjos Persen, told Bloomberg in an interview this week.  

By Tsvetana Paraskova for Oilprice.com

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