Norway's Gas Sales In 2022 To Increase By 8% Compared To Last Year - Energy Ministry

The Norwegian Ministry of Petroleum and Energy on Wednesday updated the estimates of the natural gas sales in 2022, saying Norway may supply 122 billion cubic meters of gas this year, a 8% increase over the last year's figure

MOSCOW (UrduPoint News / Sputnik - 18th May, 2022) The Norwegian Ministry of Petroleum and Energy on Wednesday updated the estimates of the natural gas sales in 2022, saying Norway may supply 122 billion cubic meters of gas this year, a 8% increase over the last year's figure.

"The updated estimate for gas sales in 2022 is 122 billion Sm3 (standard cubic meter). This is 9 billion Sm3 higher than gas sales in 2021 and represents an increase of about 8 per cent. During the first quarter, the companies on the shelf delivered 1.7 billion Sm3, or 6 per cent, more gas than in the same quarter in 2021," the ministry said in a statement.

As Norwegian energy minister Terje Aasland noted such an increase constitutes a large volume of energy, with surging demand and soaring gas prices stimulating Norwegian companies to work at their full capacity.

"This is a significant amount of energy. The energy content of the increase amounts to about 100 TWh (Terawatt-hour). The companies are producing at full, or near full capacity. High prices give the companies strong incentives to utilize the production capacity on the fields," Aasland said in statement.

Norway accounts for 20% to 25% of natural gas consumption in the European Union and the United Kingdom, with the demand mounting amid Russia's ongoing operation in Ukraine and recent cuts off of Poland and Bulgaria from Russian gas supplies. In March, the EU pledged to curtail its gas imports from Russia by two thirds by 2023, with US liquefied natural gas and Norwegian supplies serving as key substitutes.