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News // Russia

Gas exports to Europe from Russia and Norway climbed to record levels in 2017

14 February 2018 , 16:06Neftegaz.RU545

Gas exports to Europe from Russia and Norway reached record levels in 2017, according to an analysis by Rystad Energy on February 14, 2018.

 

Russian and Norwegian gas exports to Europe (including Turkey) reached 194 bcm and 122 bcm, respectively, in 2017. This, Rystad says, represents a year-on-year increase of more than 15 bcm for Russia and 9 bcm for Norway. Both countries have shown upward output trends since 2014.

 

«The higher exports have provided reliable supply for Europe and give an indication that the strategy followed by Russia and Norway has been to maintain their market share, benefiting European consumers as prices in NW Europe have remained rather stable. This has also kept new US supplies of LNG out of the region, enabling American gas to meet increasing demand in Asia and Latin America,» says Carlos Torres-Diaz, Rystad Energy’s Vice President Gas Markets.

 

However, while Russia is projected to further strengthen its dominant position, Norwegian output is poised to decline in the coming years, Torres-Diaz forecasts.

 

He expects annual output from several key gas fields in Norway – Ormen Lange, Aasgard and Kvitebjorn –  to decline by 10 bcm by 2020 as compared to their production levels recorded in 2017. In contrast, Rystad Energy sees increased gas production in Russia going forward.

 

«With the ramp-up and expansion of the Yamal LNG plant and the completion of the Power of Siberia pipeline, exports to Asia are expected to increase. However, the increased production, coupled with the continuation of Gazprom’s Nord Stream 2 and Turkish Stream pipeline projects, leaves large potential for even higher exports to Russia’s main market, Europe,» concludes Torres-Diaz.

 

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