For Norway, this is a real achievement. The Scandinavian country produced 124 billion m3 of gas in 2024, almost entirely exported to Europe. This is above the previous record of 122.8 billion m3 set in 2022, the year the large-scale Russian invasion of Ukraine began.
Russia’s aggression against its neighbor led to a sharp reduction in Russian gas deliveries to the European continent, of which Norway then became the leading supplier, dethroning the country led by Vladimir Putin. Today, imports from Russia only represent 5% of the European Union’s total gas imports.
“The high production in 2024 results from great regularity on the fields and increased capacity thanks to improvements made in 2023”indicates this Thursday the Directorate of the Continental Shelf in its annual report.
In Norway, gas represents more than half of hydrocarbon production. And this should remain stable, at high levels, before gradually declining “towards the end of the 2020s”specifies the report.
In this context, driven by strong demand, investments in the Norwegian oil and gas sector are expected to reach 264 billion crowns ($23.1 billion) in 2025, their highest level since 2014. But these investments are necessary , because Norway experienced technical problems this winter, as recently pointed out to La Tribunethe energy economist Jacques Percebois.
Stop new oil and gas projects
While Norwegian production is at its highest, the International Energy Agency (IEA) has been urging the world – since 2021 – to stop any new oil exploration projects to limit global warming to 1.5°C compared to pre-industrial levels.
-But specialists have few illusions. The IEA says it anticipates a peak in demand for all fossil fuels – oil, gas and coal -, “in the coming years” of the current decade, thanks to the leap in cleaner energy and electric cars.
In Europe, the price of gas remains high this winter
The cold spell that Europe experienced at the start of winter contributed to higher prices on the European gas market. For several days, the price of natural gas approached the 50 euros per megawatt hour mark. A bar which was even exceeded on December 31. In fact, Europeans consumed more than expected. On January 5, EU gas stocks were 69.73% full compared to more than 80% at the same period in 2023 and 2024.
On the sidelines of her wishes to the press, the general director of Engie, Catherine MacGregor was nevertheless reassuring: “There is no worry, we are still comfortable for this winter, she indicated. On the other hand, we will have to remain vigilant for next winter, and in particular when filling stocks in the spring. »
