• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 10 hours US top CEO's are spending their own money on the midterm elections
  • 7 hours EU to Splash Billions on Battery Factories
  • 7 hours The Dirt on Clean Electric Cars
  • 17 hours Petrol versus EV
  • 2 hours Satellite Moons to Replace Streetlamps?!
  • 12 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 9 hours The Balkans Are Coming Apart at the Seams Again
  • 23 hours E-mopeds
  • 7 hours Uber IPO Proposals Value Company at $120 Billion
  • 10 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 14 hours 10 Incredible Facts about U.S. LNG
  • 13 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day These are the world’s most competitive economies: US No. 1
Russia To Resume Gas Imports From Turkmenistan

Russia To Resume Gas Imports From Turkmenistan

According to Aleksei Miller, Gazprom’s…

Norway Reports Record Gas Sales To Europe In 2017

natural gas plant

Norway delivered a record-high 4.1 trillion cu ft of natural gas to Europe, including the UK, last year, capturing a quarter of the market, the country’s largest natural gas shipper Gassco said. However, in terms of market share, this is a decline on earlier years, when Norway and Russia each had about a third of the European gas market. Last year, Russia’s share jumped to about 40 percent, according to the International Energy Agency, on higher Gazprom deliveries.

Still, imports from Norway are set to continue rising as local natural gas production on the continent dwindles, while Norway ramps up production. Earlier today, the Norwegian Petroleum Directorate reported that although crude oil production has been falling, gas production has been growing and will continue to grow over the next five years, coming to account for about 50 percent of overall oil and gas production.

The NPD is surprisingly upbeat about the medium-term development of Norway’s key industry, in contrast with recent data on new discoveries. The authority projected that in 2022, oil and gas production combined will hit a high last seen in 2004.

In part, the increase will come after the launch of the giant Johan Sverdrup field, scheduled for 2020, but before that, crude oil production will slide further down, For this year, the NPD projects a 2-percent annual decline, and even more declines in 2019 and 2020 before Johan Sverdrup’s launch tips the scales in the other direction.

Related: Can Oil Break The $70 Threshold?

For gas, the production increase will be steady over the next five years

The directorate praised the local energy industry for managing to squeeze more oil and gas from maturing fields thanks to efficiency improvements, but it also seems to be rather upbeat about new discoveries, of which there is not a lot of evidence for the time being, especially in the Barents Sea, where a lot of Norway’s untapped oil and gas resources lie.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News