Norway to help lower gas prices in EU
Norway has said skyrocketing gas prices are not in its interests and will work with the EU to stabilize the market.
This was announced by Prime Minister Jonas Gar Stere after a meeting with gas companies to discuss ways to reduce the price at which Norway sells gas to Europe.
"These incredible jumps in gas prices are not in the interests of Norway," he emphasized.
It is known that since Russia reduced flows to Europe, Norway has become the largest supplier of pipeline gas to the region. Norway is expected to produce around 122 billion cubic meters of gas this year, up 8% from 2021, as producers maximized gas production to meet rising demand.
Stere's negotiations included long-term supply contracts with energy companies, which said they were willing to sign such agreements but needed to know who the counterparties would be.
Equinor, Norway's largest gas producer, described the meeting as "useful". The company also adds that it is important to contact the government regarding the energy crisis in Europe.
Gas prices have risen tenfold since the start of last year, dramatically boosting Norway's export earnings but creating chaos for energy companies. EU energy ministers will try to approve new measures to lower gas and electricity prices at an emergency summit on September 30, and have turned to non-EU Norway for help.