According to Gasco CEO Frode Leversund, Norwegian gas pipeline exports to Europe could reach an all-time high this year. After all, there was a 10% increase in the first half of 2024. This is in contrast to last year, when there was a decline in exports. This reports Reuters.
Strong demand from European customers, high system availability, and low maintenance and upgrades at the Kollsnes processing plant are among the reasons for the increased exports.
Total Norwegian gas delivered via pipelines was 70.2 billion cubic metres (bcm) by the end of July, compared with 64 bcm in the same period last year. The total volume of gas delivered by GASCO in 2023 was 109.1 bcm. This represents a decrease of 6.7 percent compared to 2022.
Norway’s pipeline gas exports could surpass the record 117.4 billion cubic metres (bcm) achieved in 2017 if there is a 10 percent increase over the year. Leversund notes that while a record export is unlikely, deliveries are likely to be around the highest levels based on current assumptions.
Peak maintenance season and gas prices
From the end of August, the Norwegian gas system will enter the peak maintenance season to ensure everything is in order for the winter.
After Moscow invaded Ukraine in 2022 and cut Russian gas shipments, Norway became the largest gas supplier to Europe. Given Norway’s dominant position as a supplier, unexpected problems or delays could quickly send gas prices soaring.
The safety of the Norwegian system has come under scrutiny since the destruction of the Russian-German Nord Stream 2 undersea gas pipeline in 2023. Gasco regularly inspects Norwegian pipelines and conducted a large-scale inspection this year. On Monday, security services from seven European countries informed Norwegian energy managers and officials of what they saw as Russian threats to critical infrastructure.
Main fast food
• Norwegian gas exports via pipeline are on track to reach an all-time high in 2024.
• This increase is attributed to strong demand from European customers and upgrades at the Kollsnes processing plant.
• Norway has become the largest gas supplier to Europe after Russian gas shipments fell.
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