Equinor Sells Natural Gas Worth USD26bln in 2018

Laxman Pai
Friday, February 22, 2019

Norwegian energy company Equinor has announced its 2018 sales of natural gas totalled $26bn, an increase of 29% from 2017.

Equinor sold a total of 100 billion cubic metres (bcm) of gas worldwide in 2018. The company is the second-largest gas supplier to Europe, as well as the largest producer of natural gas on the Norwegian Continental Shelf (NCS).

"As more countries prepare for the energy transition, Equinor sees strong market opportunities for gas and expects global demand to grow by around 10% towards 2030," Equinor said.

Equinor is the largest producer of natural gas on the Norwegian continental shelf and the second-largest gas supplier to Europe. The company also has a significant gas portfolio outside Norway. At its Gas Seminar in London today, Equinor outlines its gas position as well as its long-term market outlook.

“Global energy markets are changing. The world needs more energy, but lower emissions. Natural gas is well positioned to provide secure, competitive and sustainable energy to consumers and industry: Reducing CO2 emissions by 50 percent when replacing coal, providing needed back-up to renewables and offering a long-term solution for the low carbon future if converted to hydrogen,” says Irene Rummelhoff, Equinor’s executive vice president for marketing, midstream and processing.

In addition to its own gas volumes, Equinor markets and sells the volumes of the Norwegian state’s direct financial interests (SDFI). In total, Norwegian gas provides about 25 percent of Europe’s gas. A well-developed and efficient gas infrastructure and proximity to the market make Norwegian gas highly competitive, with the United Kingdom and Germany as the largest export markets.

In 2018, Equinor sold a total of 100 bcm of gas worldwide. Changing markets also introduce new commercial opportunities on the trading side. As more liquified natural gas (LNG) and intermittent renewables enter the market, Equinor is preparing to capitalize on increased price volatility.

“The traded gas markets are developing rapidly and a key to success will be agility and ability to respond quickly to price fluctuations. The demand for shorter dated indices is increasing and our response is to reflect this development in our trading,” says Tor Martin Anfinnsen, Equinor’s senior vice president for marketing and trading.

Categories: Energy LNG Gas Natural Gas

Related Stories

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Keel Laying for Wind Flyer Trimaran Crew Boat

McDermott Concludes Work at PTTEP’s Kikeh Gas Field Off Malaysia

European LNG Imports Up with Asian Influx

AIRCAT 35 Crewliner Vessels Delivered to Service TotalEnergies Angola

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

Floating LNG Conversion Job Slips Out of Seatrium’s Hands

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Yinson and PetroVietnam JV Get FSO Contract for Vietnamese Field

Current News

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com