Norway will allow increased production from its biggest natural gas field as Europe’s second-largest supplier of the fuel prepares for increased competition with Russia and the United States, Bloomberg reports.
© Reuters/Scanpix

The production permit for Troll gas field was increased 10% for the gas year starting October 1, according to field operator Statoil ASA.

With the higher production limit, Norway can catch up with Europe's top gas supplier Russia.

The two producers are also facing competition from the US, which in February began liquefied natural gas (LNG) shipments by tanker from the Gulf of Mexico coast.

“This is exactly the things Norway was going to do to defend market share,” Thierry Bros, an analyst at Societe Generale SA in Paris, told Bloomberg. “Prices should go further down.”

Norway's Statoil has already challenged Russian gas supply monopoly in Lithuania. After the launch of a terminal in Klaipėda in late 2014, Statoil now supplies over half of the country's gas needs.

Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Technical scenario for Baltic grid synchronization approved in Brussels (Updated)

The project for the synchronization of the Baltic power grids with the Continental European system...

Lithuanian transport minister calls Latvia's claims over Renge 'a stab in the back'

Lithuanian Transport Minister Rokas Masiulis says that Latvians' demand that Lietuvos...

Lithuania, Latvia holding talks on ambulance services in border areas

Lithuania and Latvia are holding talks on the provision of ambulance services in border areas.

Lithuanian military helicopters continue to help Latvia, Sweden fight wildfires

Two Mi-8 helicopters of the Lithuanian Air Force have been helping to fight wildfires in Latvia...

Latvia thanks Lithuania for help in extinguishing fires

Latvia on Wednesday thanked Lithuania for its assistance in extinguishing forest and peat fires in...