• Natural Gas News

    Norwegian gas export revenues hit record in July

Summary

Equinor and the country's other gas exporters benefit from significant exposure to spot prices in Europe.

by: NGW

Posted in:

Natural Gas & LNG News, Europe, Top Stories, Corporate, Import/Export, Financials, News By Country, Norway

Norwegian gas export revenues hit record in July

Norwegian natural gas exports soared to a record last month of 128.4bn kroner ($13.2bn), up 70% from the level in June and over four times more than in July 2021, as the country's exporters gained from their significant exposure to European spot market prices, which have spiked amid Russian supply cuts and a summer heatwave. 

Export revenues in the first seven months of this year were also four times higher than in the same period of 2021, reaching nearly 600bn kroner, state statistics published on August 15 showed. Natural gas accounted for 56% of Norway's overall export revenues, with crude oil sales in comparison contributing only 21%, or 48.7bn kroner.

Russia has restricted transport capacity via the Nord Stream pipeline to just 20% of its capacity, and has shut off supplies to a number of buyers in recent months for refusing to pay for gas in rubles instead of foreign currencies. While a summer heatwave has driven up cooling demand, while causing droughts that have curbed power generation at hydroelectric dams.

The September contract at the Dutch TTF hub briefly surpassed $2,500/'000 m3 in early trading on August 16.