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Norway could break its natural gas export record in 2024

Norway, Europe's main gas supplier, is on track to exceed its 2017 record, with exports up 10% in the first half of 2024.

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Norway’s natural gas exports are making significant progress, pointing to the possibility of surpassing the record 117.4 billion cubic meters (bcm) achieved in 2017.
At the end of July, export volumes stood at 70.2 bcm, up 10% on the same period in 2023.
This dynamic is mainly due to growing demand from European countries seeking to compensate for falling Russian supplies.

Increased strategic role in the European context

Since the reduction in Russian gas exports, a direct consequence of the war in Ukraine, Norway has become Europe’s main supplier of natural gas.
Norway’s 8,800-kilometer pipeline network plays a crucial role in this reorientation, linking Norway to key markets such as Great Britain, France, Germany and Denmark.
In 2023, despite a 6.7% drop on the previous year, Norway exported 109.1 bcm of gas, a solid performance against a backdrop of strong demand and tension on the European energy market.
The increase in exports in 2024 is due not only to strong demand, but also to a reduction in maintenance operations.
In particular, the Kollsnes treatment plant, which is essential for gas processing, required fewer interventions, thereby increasing the availability of the transmission network.

Infrastructure Maintenance and Safety

Infrastructure maintenance remains a major challenge.
From the end of August, the pipeline network will enter a phase of intensive maintenance.
This period is crucial to prepare the system for winter demand peaks.
Gassco, responsible for pipeline operations and maintenance, assures us that the network will be ready to meet these demands.
However, any unforeseen interruptions during this phase could have an impact on export volumes, with possible repercussions on gas prices in Europe.
Since the incidents on the Nord Stream pipelines in 2022, the safety of Norwegian gas infrastructures has been reinforced.
Gassco is stepping up inspections to ensure the integrity of the pipelines, preventing any risk of sabotage or major failure.
Protecting these infrastructures is all the more essential as Norway now accounts for a major share of Europe’s gas supplies.

Outlook for 2024 and Geopolitical Challenges

The outlook for the end of 2024 is marked by uncertainty linked to winter demand and geopolitical tensions.
Efficient infrastructure management during the maintenance period, combined with geopolitical stability, will be key to meeting or exceeding the 2017 export record.
Norway’s strategic role as Europe’s main gas supplier is under the spotlight more than ever, with important implications for the continent’s energy security.
The year 2024 could thus mark a turning point for Norwegian gas exports, reflecting both the country’s ability to meet current energy challenges and its growing importance in the European energy landscape.

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