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.

Partagez:

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.

The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.
Energy Transfer strengthens its partnership with Chevron by increasing their liquefied natural gas supply agreement by 50% from the upcoming Lake Charles LNG export terminal, strategically aiming for long-term supply security.
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
Israel has partially resumed its natural gas exports to Egypt and Jordan following a week-long halt due to the closure of two major offshore gas fields, Leviathan and Karish.
Petronas formalizes a memorandum with JOGMEC to secure Japanese LNG deliveries, including a first cargo from LNG Canada scheduled for July at Toho Gas.
Belgrade is currently finalising a new gas contract with Russia, promising Europe's lowest tariff, according to Srbijagas General Director Dusan Bajatovic, despite Europe's aim to eliminate Russian imports by 2027.
TotalEnergies and QatarEnergy have won the Ahara exploration licence, marking a new stage in their partnership with SONATRACH on a vast area located between Berkine and Illizi.
After four years of interruption due to regional insecurity, TotalEnergies announces the upcoming resumption of its liquefied natural gas project in Mozambique, representing a $20bn investment.
The French group has acquired from PETRONAS stakes in several licences covering more than 100,000 km² off Malaysia and Indonesia, consolidating its Asian presence and its exposure to the liquefied natural gas market.
In response to rising summer electricity consumption, Egypt signs import agreements covering 290 shipments of liquefied natural gas, involving major international firms, with financial terms adjusted to the country’s economic constraints.
Egyptian fertilizer producers suspended their activities due to reduced imports of Israeli gas, following recent production halts at Israel's Leviathan and Karish gas fields after Israeli strikes in Iran.
A report identifies 130 gas power plant projects in Texas that could raise emissions to 115 million tonnes per year, despite analysts forecasting limited short-term realisation.
Japanese giant JERA will significantly increase its reliance on US liquefied natural gas through major new contracts, reaching 30% of its supplies within roughly ten years.
Sustained growth in U.S. liquefied natural gas exports is leading to significant price increases projected for 2025 and 2026, as supply struggles to keep pace with steadily rising demand, according to recent forecasts.