Norwegian Gas Exports to Europe Rebound in October, but the Market Remains Vulnerable

After a drop due to maintenance in September, Norwegian gas exports to Northwest Europe increased by 49% in October, a sign of sustained demand despite an uncertain market.

Share:

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

Norway’s natural gas exports to Northwest Europe rebounded significantly in October following a marked decrease in September due to a heavy maintenance schedule. According to data analyzed by S&P Global Commodity Insights, Norwegian pipeline gas deliveries reached 9.56 billion cubic meters (Bcm) in October, compared to just 6.4 Bcm in the previous month, an increase of nearly 49%. This recovery also surpasses exports achieved during the same period last year by 5% and exceeds the five-year average for October, which stands at 9.38 Bcm.

Sustained Production to Compensate for Reduced Russian Volumes

Since the sharp reduction of Russian gas supplies in 2022, Norway has become the primary gas supplier to the European market. Norwegian producers have ramped up production and optimized exports to compensate for the drop in Russian volumes and take advantage of historically high prices, particularly during the summer of 2022, when prices peaked.

In 2023, cumulative pipeline gas exports for the January to October period totaled 93.2 Bcm, up 10% from the previous year. This volume is close to the level recorded during the same period in 2022, at 93.7 Bcm, a year considered a production peak for Norway according to the Norwegian Petroleum Directorate.

European Gas Prices and Winter Outlook

Despite high storage levels in Europe ahead of winter, gas prices remain sensitive. On November 5, the gas price on the TTF market for next month’s deliveries stood at €40.37/MWh, reflecting persistent volatility. Equinor’s Chief Financial Officer, Torgrim Reitan, noted that current prices reflect the ongoing “vulnerability” of the markets, exacerbated by a series of external factors, including Asian LNG demand and uncertainty surrounding the expiration of the Russia-Ukraine gas transit deal scheduled for the end of the year.

Reitan also highlighted the importance of weather conditions this winter. A normal winter season could reduce European gas storage levels to around 40% by next April, compared to 60% in April of this year, a difference that could impact prices throughout the winter period.

The Chief Executive Officer of TotalEnergies said that NextDecade would formalise on Tuesday a final investment decision for a new liquefaction unit under the Rio Grande LNG project in the United States.
Monkey Island LNG has awarded McDermott the design of a gas terminal with a potential capacity of 26 MTPA, using a modular format to increase on-site output density and reduce execution risks.
The Voskhod and Zarya vessels, targeted by Western sanctions, departed China’s Beihai terminal after potentially offloading liquefied natural gas from the Arctic LNG 2 project.
ADNOC Gas will join the FTSE Emerging Index on September 22, potentially unlocking up to $250mn in liquidity, according to market projections.
Norwegian company BlueNord has revised downward its production forecasts for the Tyra gas field for the third quarter, following unplanned outages and more impactful maintenance than anticipated.
Monkey Island LNG adopts ConocoPhillips' Optimized Cascade® process for its 26 MTPA terminal in Louisiana, establishing a technology partnership focused on operational efficiency and competitive gas export pricing.
NextDecade has signed a liquefied natural gas supply agreement with EQT for 1.5 million tonnes annually from Rio Grande LNG Train 5, pending a final investment decision.
Sawgrass LNG & Power has renewed its liquefied natural gas supply agreement with state-owned BNECL, consolidating a commercial cooperation that began in 2016.
Gazprom and China National Petroleum Corporation have signed a binding memorandum to build the Power of Siberia 2 pipeline, set to deliver 50 bcm of Russian gas per year to China via Mongolia.
Permex Petroleum signed a $3 million purchase option on oil and gas assets in Texas to support a strategy combining energy production and Bitcoin mining.
Enbridge announces the implementation of two major natural gas transmission projects aimed at strengthening regional supply and supporting the LNG market.
Commonwealth LNG’s Louisiana liquefied natural gas project clears a decisive regulatory step with final approval from the U.S. Department of Energy for exports to non-free trade agreement countries.
The Indonesian government confirmed the delivery of nine to ten liquefied natural gas cargoes for domestic demand in September, without affecting long-term export commitments.
The Egyptian government signs four exploration agreements for ten gas wells, allocating $343mn to limit the impact of the rapid decline in national production.
Hungary has imported over 5 billion cubic metres of Russian natural gas since January via TurkStream, under its long-term agreements with Gazprom, thereby supporting its national energy infrastructure.
U.S. regulators have approved two major milestones for Rio Grande LNG and Commonwealth LNG, clarifying their investment decision timelines and reinforcing the country’s role in expanding global liquefaction capacity.
Hokkaido Gas is adjusting its liquefied natural gas procurement strategy with a multi-year tender and a long-term agreement, leveraging Ishikari’s capacity and price references used in the Asian market. —
Korea Gas Corporation commits to 3.3 mtpa of US LNG from 2028 for ten years, complementing new contracts to cover expired volumes and diversify supply sources and price indexation.
Petrobangla plans to sign a memorandum with Saudi Aramco to secure liquefied natural gas deliveries under a formal agreement, following a similar deal recently concluded with the Sultanate of Oman.
CTCI strengthens its position in Taiwan with a new EPC contract for a regasification unit at the Kaohsiung LNG terminal, with a capacity of 1,600 tonnes per hour.

Log in to read this article

You'll also have access to a selection of our best content.