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(Bloomberg) — Norway’s biggest energy producer is to hold talks with major European consumers on whether they would support projects to recover costlier oil and gas supplies.
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Equinor ASA will sound out customers, including Germany, on making the longer-term financial commitments needed for the projects, according to people familiar with the matter, who asked not to be identified discussing a private matter. Government officials from Germany, the UK, Belgium, Poland and the Netherlands are due to attend a May 18 event in Oslo hosted by gas pipeline operator Gassco.
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The gathering comes as consumers around the world struggle with higher oil and gas prices, with the Middle East war continuing to rattle energy markets. Equinor — which faces declining North Sea production over the next decade — is seeking to stabilize output and wants to tap wells that previously were dismissed as too costly, according to one of the people.
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That includes a longer-term goal for more drilling in the Arctic region, according to the person, with Norway currently lobbying the European Union to soften its opposition to the idea. A spokesperson for majority state-owned Equinor said that the company couldn’t comment on the Oslo event, nor on discussions with customers. Equinor is among several companies that have drilled in Norwegian ice-free waters north of the Arctic Circle for decades, the company added.
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“Equinor is undertaking a large reorganization to accelerate the development of smaller pools of resources close to their existing fields,” said Tim Bjerkelund, an Oslo-based partner with Rystad Energy. “Keeping production flat over the next decade would be a great achievement for them and the other operators.”
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Norway has become Germany’s main supplier of natural gas and accounts for almost half of all imports, replacing most of the cheaper shipments piped from Russia until 2022. The Nordic country is also a top supplier of oil to Germany.
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Read More (Feb. 4): Equinor Sees Sverdrup Oil Field’s Output Declining in 2026
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—With assistance from Heidi Taksdal Skjeseth and Maciej Martewicz.
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