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Norway expects LNG supply to mean fall in gas export price until 2021

OSLO, Oct 8 (Reuters) - Norway expects its gas export price to fall by more than a quarter by 2021 as increasing global liquefied natural gas (LNG) supplies outstrip growth in European demand.

Norway’s 2019 fiscal budget on Monday showed it expects the average price for Norwegian gas to fall to 2.05 crowns/standard cubic metre (sm3) and reach a low of 1.70 crowns/sm3 by 2021, then rebounding in 2022.

The projections are higher than what Norway, Europe’s second largest gas supplier after Russia, was expecting in its revised budget in May, when 2018’s price was seen at 1.8 crowns/sm3 and 2019 just below 1.5 crowns.

The average price for Norway’s gas was about 2.20 Norwegian crowns ($0.2655) per sm3 in 2018.

“Lower gas production in Europe will probably limit the price decline,” the budget said, adding that LNG supply to Europe will fall in the period 2022-2025, which will push Norway’s gas export prices up again.


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FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
China is hosting the 19th International Conference and Exhibition on Liquefied Natural Gas (LNG2019) in Shanghai from 1–5 April—an appropriate choice of host country, given China’s increased appetite for natural gas.
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- Energy Web Atlas
Canada has abundant natural gas resources.
Executive Viewpoint: BHGE developing technology-driven solutions to reduce total cost of ownership
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While BHGE recently won new orders for LNG projects, the company remains committed to differentiating the business, implementing solutions proven in LNG into other applications of the oil and gas value chain.
Industry Trends: Russia and US go head-to-head over EU gas market
-Eugene Gerden
Lower-cost Russian gas will likely continue to dominate the EU market in the coming years, despite the growth in oil prices, to which Russian gas prices are linked.


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