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.

Share:

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 commissioning of LNG Canada, the first major Canadian liquefied natural gas export facility led by Shell, has not yet triggered the anticipated rise in natural gas prices in western Canada, still facing persistent oversupply.
Horizon Petroleum Ltd. is advancing towards the production launch of the Lachowice 7 gas well in Poland, having secured necessary permits and completed preliminary works to commence operations as early as next August.
European Union member states have requested to keep their national strategies for phasing out Russian gas by 2027 confidential, citing security concerns and market disruption risks, according to a document revealed by Reuters.
TotalEnergies becomes a member of PJM Interconnection, expanding its trading capabilities in North America's largest wholesale electricity market. The decision strengthens the company's presence in the United States.
Turkey has connected its gas grid to Syria’s and plans to begin supplying gas for power generation in the coming weeks, according to Turkish Energy Minister Alparslan Bayraktar.
Despite record electricity demand, China sees no significant increase in LNG purchases due to high prices and available alternative supplies.
US natural gas production and consumption are expected to reach record highs in 2025, before slightly declining the following year, according to the latest forecasts from the US Energy Information Administration.
Naftogaz announces the launch of a natural gas well with a daily output of 383,000 cubic meters, amid a sharp decline in Ukrainian production following several military strikes on its strategic facilities.
Sonatrach and ENI have signed a $1.35 billion production-sharing agreement aiming to extract 415 million barrels of hydrocarbons in Algeria's Berkine basin, strengthening energy ties between Algiers and Rome.
Maple Creek Energy is soliciting proposals for its advanced 1,300 MW gas project in MISO Zone 6, targeting long-term contracts and strategic co-location partnerships with accelerated connection to the regional power grid.
VMOS signs a USD 2 billion loan to finance the construction of the Vaca Muerta South pipeline, aiming to boost Argentina's energy production while reducing costly natural gas imports.
According to a Wood Mackenzie report, Argentina could achieve daily gas production of 180 million cubic metres per day by 2040, aiming to become a key regional supplier and a significant exporter of liquefied natural gas.
Côte d'Ivoire and the Italian group Eni assess progress on the Baleine energy project, whose third phase plans a daily production of 150,000 barrels of oil and 200 million cubic feet of gas for the Ivorian domestic market.
The extreme heatwave in China has led to a dramatic rise in electricity consumption, while Asia records a significant drop in liquefied natural gas imports amid a tight global energy context.
E.ON, together with MM Neuss, commissions Europe’s first fully automated cogeneration plant, capable of achieving a 91 % fuel-use rate and cutting CO₂ emissions by 22 000 t a year.
Facing the lowest temperatures recorded in 30 years, the Argentine government announces reductions in natural gas supply to industries to meet the exceptional rise in residential energy demand across the country.
Solar power generation increased sharply in the United States in June, significantly reducing natural gas consumption in the power sector, despite relatively stable overall electricity demand.
Golden Pass LNG, jointly owned by Exxon Mobil and QatarEnergy, has asked US authorities for permission to re-export liquefied natural gas starting October 1, anticipating the imminent launch of its operations in Texas.
Delfin Midstream reserves gas turbine manufacturing capacity with Siemens Energy and initiates an early works programme with Samsung Heavy Industries, ahead of its anticipated final investment decision in the autumn.
Norwegian group DNO ASA signs gas offtake contract with ENGIE and secures USD 500 million financing from a major US bank to guarantee future revenues from its Norwegian gas production.