The EU agreed with Norway on the additional supply of 9.5 billion cubic meters of gas
Vice-President of the European Commission Frans Timmermans, European Commissioner for Energy Kadri Simson, and Norway's Minister of Oil and Energy Terje Aasland agreed on the country's additional supply to the European market of about 100 TWh, or approximately 9.5 billion cubic meters of gas per month. This was reported by the press service of the European Commission.
"Norway's oil and gas companies are currently producing gas at a very high capacity. Given the high level of production in Norway in the first months of the year, this trend is expected to continue until the end of the year. There is great potential for increased sales to Europe in 2022, bringing around 100 TW- h (approximately 9.5 billion cubic meters - ed.) of additional energy to the European market," the message says.
Currently, Norway meets about 25% of gas demand in the EU. According to S&P Global Commodity Insights, the volume of gas supplies from Norway in May 2022 amounted to 9.49 billion cubic meters.
"Norway has significant reserves of oil and gas, and thanks to continuous exploration, new discoveries and development of fields, it can remain a major supplier to Europe also in the long term after 2030," the European Commission said in a statement.
Specific conditions for increasing gas supplies from Norway to the EU should be decided later.
As "Ukrainian Energy" reported, the gas crisis looming over Europe has forced operators to accelerate the pace of filling underground gas storages. From April 1 to June 11, 2022, the volume of gas in the storage facilities of the European Union countries almost doubled and reached 53.1 billion cubic meters. Operators demonstrated the best rate of uploading over the past 5 years.