Norway has increased its gas supplies to the European Union (EU) amid an intense energy crisis. However, it is unprofitable for the country to build new gas pipelines. The New York Times about it declaration Carl Johnny Hersvik, CEO of Norwegian oil and gas company Aker BP.
“Norway can increase oil and gas transport through its pipeline network slightly above what is available. At the same time, it is unlikely that the country will build new oil and gas pipelines to Europe,” he said.
According to him, the investment in the construction of new pipelines is difficult to recoup. This will require at least 20 years of operation.
The publication stated that against the backdrop of the energy crisis, Norway increased its gas production by 8% in 2022. At the same time, record fuel production and a large number of hydroelectric power stations did not save the country’s residents from the sharp increase in electricity tariffs.
April 7 New York Times WroteNorway was able to generate over $100 billion in additional revenue last year due to Europe’s rejection of Russian energy sources.