Platts: Statoil ditches the theory, beating Gazprom in practice

Norway's gas exports to the European Union have been displacing Russia’s in a weak market. Perhaps not coincidentally, the state-controlled producer Statoil, which accounts for most of them, has shown greater flexibility in its approach than Gazprom in amending its long-term supply contract terms.

Gazprom typically meets a quarter of European gas demand, with Norway as the second largest.

But last year, Gazprom accounted for more than 12 Bcm of the estimated 16 Bcm decline in European gas imports, “which is an abnormal 75%, in our view, while another big gas supplier to Europe, Norway, in fact increased its deliveries," VTB analysts said in a note.  MORE