Norway to begin exporting gas to Europe amid shortage

Equinor, Europe's second-largest gas supplier after Russia's Gazprom, said that the Norway government would allow it and its partner to increase exports to a combined 2 billion cubic metres (bcm) increase for the gas year starting Oct. 1 from the Troll and Oseberg fields for the next 12 months.

The increase corresponds to nearly 2 percent of Norway's annual pipeline gas exports, reported Reuters. This decision comes as Europe is facing gas supplies that have increased prices. 

"We believe that this is very timely as Europe is facing an unusually tight market for natural gas," said Equinor. "We are working on measures to increase exports from our fields on the Norwegian continental shelf."

Equinor said, that the increase in exports, will be divided equally between Troll and Oseberg, which will lift volumes from the fields to 37 bcm and 6 bcm respectively.