Commodity Market Report
Norway gas supply report - 2021
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Report summary
Norway remains the bedrock of indigenous European supply, providing much-needed resource to the region. It is the second largest exporter of gas to Europe, with over 140 bcma of pipe export capacity. Near-term production is supported by key existing fields, incremental developments and recently started new projects like Aasta Hansteen. Longer term, new developments will be needed, which will be more remote and challenging – this will increase overall cost of Norwegian gas. Successful exploration is necessary to support output to 2050
Table of contents
- New developments needed to slow down production decline
- Aasta Hansteen opens up new production hub
- Exploration required to sustain long-term production
- Reserves growth holds significant potential, but scale and timeline still uncertain
- Costs
- Contracts
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Strategy and outlook
- Recent trends and medium-term outlook
- Long-term outlook
- The Baltic Pipe will increase Norway's optionality
- Norway continues to provide much-needed supply to the European market; new developments, including YTF prospects, are required to sustain long-term exports
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Risks and uncertainties
- Short term
- Medium term
- Long term
Tables and charts
This report includes 5 images and tables including:
- Norwegian Petroleum Directorate gas production targets
- Delivered cost of Norwegian gas to Europe (2022 vs 2030)*
- Breakeven price of selected new Norwegian developments
- Contracted exports vs export potential
- Norway export outlook and production potential
What's included
This report contains:
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