RE: Tangkulo Discovery13 May 2024 09:53
Absolutely massive discovery here with our extremely rich/professional UAE partners Mubadala Energy, another fantastic update by HBR now firing on all cylinders!
And on another interesting note, new upcoming FTSE 100 HBR will also become a very respected and viable challenger here to Equinor from Q4 onwards:
Bloomberg
Europe’s Gas Supply Once Again Hinges on One Company
Equinor now plays an outsized role in the ups and downs of the continent’s gas prices
When the world’s top gas traders met in late April at a canal-side hotel on the outskirts of Amsterdam, the atmosphere was business-as-usual: coffee, croissants and wrangling over deals for the upcoming winter. Then came news 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 ASA.
In the more than two years since Russia invaded Ukraine, sending energy prices soaring, the Norwegian oil and gas giant has quietly picked up the crown that once belonged to Russia’s Gazprom PJSC. Norway now supplies 30% of the bloc’s gas; Gazprom provided about 35% of all Europe’s gas before the war. And of the more than 109 billion cubic meters of natural gas Norway exported to Europe last year — enough to power Germany until 2026 — roughly two-thirds was marketed and sold by Equinor.
So long as the bloc continues to depend heavily on fossil fuels, Norwegian hydrocarbons will be essential to keeping the lights on in Europe.
Equinor’s visibility “dramatically changed with reduced flows from Russia,” said Irene Rummelhoff, the company’s head of midstream, marketing and processing. “There was a point in time where [Europe] almost took us for granted. That is no longer the case.”
The company’s new prominence has also raised questions about whether European leaders are, once again, putting their countries at risk by relying too heavily on a single supplier. Although Norway is perceived as a steady trading partner with a long and consistent history of delivering energy to Europe, extended outages and its handling of maintenance challenges, both of which affect energy prices, have had ripple effects across the continent.
https://www.bloomberg.com/news/features/2024-05-13/equinor-how-norway-s-gas-giant-quietly-took-over-europe
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