• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 24 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 1 hour Demand for Diesel vs. Oil
  • 10 hours Which type of Hegemony will China follow
  • 1 day Governments that wasted massive windfalls
  • 2 hours Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)
  • 1 day Here is Why People Lose Money Trading Natural Gas
  • 1 day We're freezing! Isn't it great? The carbon tax must be working!
  • 3 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 17 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 1 day Let’s take a Historical walk around the Rig
  • 1 day US Shale: Technology
  • 1 day 2nd Annual Great Oil Price Prediction Challenge of 2019
OPEC Wants To Extend Oil Production Cuts Until June

OPEC Wants To Extend Oil Production Cuts Until June

As the coronavirus outbreak wreaks…

4 Promising Oil Trends To Watch In 2020

4 Promising Oil Trends To Watch In 2020

It’s no secret that energy…

Norway’s Gas Exports Plunge On Low Prices, Heavy Maintenance

Offshore norway

Norway’s natural gas exports via pipelines to Europe plunged in September to their lowest volume in 15 years, as operators scale back flows amid decade-low prices in Europe and as many fields underwent routine maintenance last month.

According to data from S&P Global Platts Analytics and the Norwegian Petroleum Directorate (NPD), Norway’s pipeline natural gas exports to Europe, including the UK, stood at 4.59 Bcm last month. This was the lowest volume of exports in a month since August of 2004, S&P Global Platts Analytics says.

Maintenance on the huge Troll gas field in the Norwegian Continental Shelf (NCS) and additional commercial turndown at Troll were responsible for a large part of the reduced exports. Other fields offshore Norway also underwent planned maintenance in September, so the output and flows from Oseberg, Gina Krog, Ormen Lange, Sleipner, Kvitebjorn, Aasta Hansteen, and Visund was also down. Adding to this, outages at Asgard and Gullfaks also reduced Norwegian exports.

Commercial reasons were also key to the lowest Norwegian gas exports to Europe in 15 years.

Natural gas prices in Europe fell in the summer to their lowest level in a decade, and prices are set to drop even lower.

Storage facilities across the continent are fuller than usual for this time of the year. Thanks to the lowest natural gas prices in a decade, storage tanks in many European countries are higher than the five-year average well ahead of the coming heating season. Traders continue to ship liquefied natural gas (LNG) cargos to Europe, potentially waiting for trading opportunities when the winter season approaches and prices rise. 

The winter heating season in October is set to begin with temperatures around or above seasonal norms, early forecasts suggest.

Norway supplies around 25 percent of the European Union’s (EU) gas demand, and is the second largest EU gas supplier behind Russia which has a 33-percent share, Norwegian government figures show.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage


Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play