Statoil: Limited U.S. LNG Impact in Europe this Year

The European natural gas market is well supplied by pipeline gas from Norway and Russia, Norway's Statoil said on Wednesday, adding that it expected only limited impact from U.S. liquefied natural gas (LNG) supply this year.

"Looking at the gas market moving forward the starting point is that the European Union gas market is well-supplied short-term both with gas from Russia and from Norway and potential some new LNG volumes coming in," Statoil Chief Financial Officer Hans Jacob Hegge said.

"So far this year we see limited U.S. LNG volumes reaching the EU," he said.

Hegge said demand for Norwegian gas could increase due to production caps at the Groningen field in the Netherlands, while additional LNG supply from Australia is likely to go to Asia.

 

Reporting by Nerijus Adomaitis and Stine Jacobsen