VAR.OL Overview

New Subsea Compression Stations: Shell and its partners have launched two subsea compression stations at Norway's Ormen Lange gas field, increasing gas recovery from 75% to 85%, which adds an estimated 30-50 billion cubic metres of gas for export to European markets.

Norway's Gas Supply Role: Following Russia's invasion of Ukraine, Norway has become Europe's largest gas supplier, with ongoing upgrades and exploration efforts to sustain supply levels, particularly through the processing of gas at the Nyhamna plant.

Hammerfest LNG Plant Outage Extended: Equinor has extended the outage at its Hammerfest LNG plant in Norway by 10 days to January 19 due to extensive repairs on a failed compressor, which is crucial for CO2 re-injection.

Impact on Gas Supply: The Hammerfest plant, vital for European gas supply, accounts for about 5% of Norway's gas exports and can deliver enough gas to power approximately 6.5 million homes annually.

Unexpected Outage at Hammerfest LNG: Equinor's Hammerfest LNG plant in Norway has halted production for a week due to a compressor failure, affecting its capacity to deliver 6.5 billion cubic meters of gas annually, which supplies about 6.5 million European homes.

Impact on European Gas Supply: The outage comes as Norway has become Europe's largest natural gas supplier following the disruption of Russian gas exports, with production expected to resume by January 9.