Norway is the biggest producer of oil & natural gas in Western Europe, accounting for 22% of the European Union’s annual consumption. Its largest gas field, Troll, supplies almost 8% of the European Union’s needs. The country aims to become a leader in the global LNG market during the next few years through new, large-scale LNG terminals. Currently, it is the third-largest gas exporter globally, catering to 25% of the EU’s gas demand. In addition, Norway is Russia’s key competitor in the European gas market.
Nearly all of Norway’s gas produced is exported, and the domestic consumption of gas is low. It is mostly exported to France, Belgium, the UK, and Germany. Additionally, LNG accounts for less than 5% of the total gas exports at present. As per the government, this stat will increase substantially in the coming years.
Further, more LNG exports are expected to be achieved through increased production at some of the country’s largest gas fields. For instance, Statoil, a domestic oil giant, is implementing an Askeladd gas field development project.
Moreover, Norway’s LNG is used as a fuel by more than half of 100 vessels globally as of 2017. Besides, the LNG-operated fleet of the country includes platforms for vessel supplying, tankers, tugboats, patrol vessels, and ferries. Furthermore, the increasing global interest in small-scale LNG and the national commitment to minimize nitric oxide emissions offer immense growth opportunities for Norway.