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.

Government to hold meeting on whether to establish Ethnic Minority Council

Lithuania's government is set to hold a meeting on Monday to discuss the need to establish an Ethnic...

Grenade neutralized on Nida beach

A dangerous grenade was found on the beach in Lithuania's western resort town of Nida on...

Social insurance budget planned with EUR 326 mln surplus

The Lithuanian state social insurance fund Sodra 's draft budget for 2020 targets a surplus of...

Juozaitis may lead new party created by Order and Justice members

An Order and Justice leader expects philosopher Arvydas Juozaitis , one of the candidates in last...

Landsbergis on dialog with Minsk: we want to please someone who put boots on our table

Lithuania's first post-independence leader Vytautas Landsbergis raises the question of whether...