Norway

European natural gas prices gave up last week’s gains on Monday, despite an unplanned outage at a top field in Norway and ongoing conflict in the Middle East. Norwegian natural gas exports to the continent were nominated at 286 million cubic meters (MMcm) on Monday, down from recent levels of 340 MMcm/d due to unplanned…

Norway has awarded 62 offshore drilling licenses from the country’s 2023 auction, expanding explorable acreage in the Arctic and potentially locking in decades of oil and natural gas supply for European allies. The Ministry of Energy awarded offshore production permits on the Norwegian Continental Shelf to 24 oil and gas companies, with Equinor ASA and…

A bitter cold snap gripping much of Europe wasn’t enough Monday to sustain a three-day rally in natural gas prices there as strong imports have kept the continent well supplied.  Title Transfer Facility prices fell across the curve Monday, when the prompt month closed 9% lower to finish near $10/MMBtu. Prices jumped last week ahead…

Harbour Energy plc joined the dealmaking parade on Thursday, announcing a $11.2 billion “transformational acquisition” of the upstream assets of Germany’s largest natural gas and oil producer, Wintershall Dea AG. Wintershall has gas and oil prospects in Algeria, Argentina, Denmark, Egypt, Germany, Libya, Mexico’s onshore and offshore, and in Norway. Also included in the deal…

While a stream of LNG cargoes is largely helping Europe maintain its tight natural gas supply balance, the region’s largest gas user, Germany, is increasing its reliance on Norwegian pipeline flows to fuel its industry until an alternative fuel market emerges. Norway’s Equinor ASA has signed a letter of intent to supply German industrial gas…

Pipeline flows of natural gas from Norway have helped the European Union maintain a tight supply balance, along with demand cuts and record LNG imports, but the country’s oil and gas authority reports that most of the discovered reserves remain untapped. In an updated survey of the natural gas discoveries, the Norwegian Petroleum Directorate (NPD)…

Equinor ASA said Friday it has made yet another oil and natural gas discovery in the northern part of the North Sea, building on efforts to maintain strong production for Europe in the years ahead as the continent continues to wean itself off Russian supplies. The new discovery in the company’s Troll/Fram area comes in…

European natural gas prices fell again on Monday, picking up where they left off last week as the market is for now well supplied and storage inventories are on track to fill ahead of winter. The prompt Title Transfer Facility (TTF) fell by 10% Monday and settled below $10/MMBtu. The contract has lost steam after…

Natural gas production from the Netherlands’ Groningen field will end by Oct. 1, the Dutch government confirmed late last week, largely eliminating what was long a top supply source for Europe.  The continent has depended on production from Groningen for decades. The field reached peak annual output of 88 billion cubic meters (Bcm) in 1976,…