Reuters: Norway's Arctic gas may see demand in Europe after 2020-IEA
A rise in gas demand for power generation in Europe after 2020 may provide a case to extract gas from Norway's Arctic region, which is so far considered too remote and expensive to compete in the market, an IEA official said on Friday. Norway plans to award oil and gas exploration drilling permits in up to 86 blocks next year, mostly in the Arctic region where exploration is booming after recent large discoveries.
While the IEA predicts "five tough years in Europe" for gas, in the long-term the demand is expected to rise, providing room for imports from Norway's Arctic regions, Laszlo Varro, head of the IEA's gas, coal and power markets division, told Reuters.
"There is certainly room for new gas imports to Europe around 2020," he said. "But it will also take time to develop the Arctic gas," he added