Baptiste Morin, edited by Romain Rouillard
06:20, November 24, 2022
While European energy ministers meet this Thursday in Brussels to discuss the gas price cap, Norway, which is not a member of the EU, should follow the discussions closely. In the space of a few months, the Scandinavian country has indeed become the main gas supplier in Europe.
With the Russian tap now cut – a consequence of the war in Ukraine – Europe had to turn to other suppliers to ensure its gas supply. All eyes then converged on Norway. In the space of a few months, Oslo has become the main supplier of gas in Europe. The Scandinavian country will therefore follow with a certain interest the discussions between the European energy ministers, meeting in Brussels this Thursday. In particular, they should raise the issue of gas price caps.
A subject that directly concerns Norway since gas could bring in 190 billion euros in 2022, nine times more than in 2019. Oslo can count in particular on three large land facilities but also on 90 platforms installed at sea to ensure the refueling. These structures ensure an annual production of approximately 110 billion m³ of gas.
Oslo does not want a cap
Norway is therefore logically opposed to a possible binding measure by the European Union. But the latter does not necessarily have an interest in venturing into this field either. “We have a vital need to obtain gas from Norway, so changing the rules of the game when we are going through a crisis does not seem to me to be a good solution”, confirms Thierry Bros, professor at Sciences Po, specialist in ‘energy.
For its part, Norway regularly provides guarantees and has already increased its exports by 10% to help the countries of the Union. A decision taken in the very first weeks of the conflict in Ukraine. In addition, a Norwegian gas company has just invested in a new field to secure long-term European gas supplies. The message is clear: Europe can count on Norway, provided it does not cap the price of its gas.