Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Norway on track for record gas export, will be ready for winter -Gassco CEO
By Nora Buli
STAVANGER, Norway (Reuters) – Norway’s gas export system is set to deliver record volumes of energy to Europe and is committed to sending large amounts in the coming years, the head of pipeline system operator Gassco told Reuters.
The Nordic country has become Europe’s biggest supplier of gas this year, according to Refinitiv Eikon data, overtaking Russia even before last week’s shutdown of the Nord Stream 1 pipeline.
Gassco’s system supplies gas via pipelines to Britain, Germany, Belgium and France and the company this year deferred summer maintenance to ensure steady flows as Russian piped gas deliveries dwindled.
“We have this summer delivered what we would usually deliver in winter months,” Gassco CEO Frode Leversund said in an interview.
Deliveries this year have already increased by the equivalent of 60 terawatt hours, or 4.97 billion cubic metres (bcm) of gas, according to Gassco figures.
September will see a period of necessary, planned maintenance that would lower capacity, but the system will “be ready for the start of winter” on Oct. 1, Leversund said.
Norway is still set to deliver a new annual record of more than 117 bcm of gas through its pipelines in 2022, up from 113.2 bcm last year, the CEO said.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
With a similar amount of maintenance expected in the next two to three years, this should also ensure continued high supplies, he added.
A new pipeline connecting Norway to Poland via Denmark, called Baltic Pipe, due to start operations in October, might also lift Gassco’s overall capacity, he said.
However, the exact impact from the addition of the pipe, a so-called looping effect, will only become clear once operation starts and the interaction with legacy systems begins, he added.
Including liquefied natural gas, overall Norwegian gas output could rise by 8% this year to 122 bcm, according to official forecasts made in May.
Nord Stream 1, which runs under the Baltic Sea from Russia to Germany, historically supplied around a third of the gas exported from Russia to Europe, but is now halted indefinitely.
(Reporting by Nora Buli, editing by Terje Solsvik and Louise Heavens)
Join millions of others and stay up to date with the latest developments.
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.