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Norway’s Natural Gas Exports Soar in 2024

by Krystal

Norway’s gas exports have experienced a significant surge this year, positioning the country to challenge historical records. Pipeline deliveries to Europe have increased by 10% year-on-year, marking a stark contrast to the lull observed in 2023. This boost has solidified Norway’s status as Europe’s leading gas supplier, particularly as Russia’s exports have dwindled following the Ukraine invasion.

Gassco, Norway’s system operator, reported that 70.2 billion cubic meters (bcm) of gas were delivered by the end of July, compared to 64 bcm during the same period last year. The increase can be attributed to strong European demand, high system availability, and reduced maintenance at the Kollsnes processing plant, according to Gassco’s CEO, Frode Leversund, in a statement to Reuters.

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Leversund noted that if the current trend continues, Norway could approach or even surpass its 2017 record of 117.4 bcm. While he remains cautious about declaring a new export record, he acknowledged that 2024’s figures are likely to rank among the highest in history.

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Norway’s gas export system, an 8,800-kilometer pipeline network supplying Belgium, Britain, France, Germany, and Denmark, plays a crucial role in Europe’s energy stability. It is also vital for Norway, with 95% of its gas exports delivered via pipelines. The EU’s gas inventories—a key metric for assessing the Union’s energy preparedness ahead of the heating season—are currently 86.7% full, according to Ole Hansen, head of commodity strategy at Saco Bank.

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Any disruptions in the flow of natural gas from Norway, such as during maintenance periods, could impact gas prices. The security of this network has been under increased scrutiny since the 2022 Nord Stream pipeline sabotage, prompting Gassco to enhance its inspection efforts.

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