Norway gas supply update

Norway's gas deliveries to Europe via a network of subsea pipelines declined for a second year in a row in 2014, gas system operator Gassco said on Tuesday.

Norway is Western Europe's main gas supplier and meets about a fifth of total European Union needs, sending gas to terminals in Britain, Germany, France and Belgium.

The Nordic country pumped a total of 101 billion m³ of gas to Europe in 2014, down by 1.5 billion m³ from the previous year.

Gassco didn't provide an explanation for the decline, but gas demand in Europe has been sluggish due to weaker economic growth, the addition of renewables and low coal and carbon prices.

Norway's exports of liquefied natural gas from its Snoehvit LNG plant in the Arctic are not included in the statistics on pipeline gas.

Immediate delivery gas prices

UK natural gas for immediate delivery rose the most in more than two months as outages in Norway cut exports from Britain’s biggest foreign supplier to the least since September amid forecasts for colder weather.

The same-day gas contract climbed as much as 5.9%, the most since 3 November, according to broker data compiled by Bloomberg. Flows from Norway to Europe were about 40% below the 30 day average after declining to the lowest level since 16 September, data from Norwegian pipeline operator Gassco AS show. Three offshore fields and the Kollsnes gas treatment plant had unplanned outages this week, according to Gassco.

Edited from various sources by Elizabeth Corner

Sources: Yahoo, Business Week, Reuters

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