Europe’s gas supply once again hinges on one company

Norway’s new role as gas purveyor to Europe has been very profitable — gas exports hit a record high of 1.4 trillion kroner (€120bn) in 2022 — but it has also cast a question mark over Norway’s green future

Johan Sverdrup, operated by Equinor, is the third largest oil field on the Norwegian continental shelf, with expected resources of 2.7 billion barrels of oil equivalent. Picture: Carina Johansen / NTB Scanpix / AFP

When the world’s top gas traders met in late April in Amsterdam, the news came of a leak at Europe’s biggest liquefied natural gas plant, located above the Arctic circle in Norway.

The problem — discovered during a planned test of the facility’s safety systems — was quickly repaired, but not before it caused a momentary spike in the price of natural gas. Back in the Netherlands, it served as an uncomfortable reminder of the power of a single company, Equinor.