Europe’s frantic search for alternatives to Russian natural gas has dramatically increased the demand — and price — for Norway's oil and gas.
Johan Sverdrup oil field off the North Sea is shown on Oct. 9, 2018. . As the money pours in, Europe’s second-biggest natural gas supplier is fending off accusations that it’s profiting from the war in Ukraine. Europe’s frantic search for alternatives to Russian energy has dramatically increased the demand — and price — for Norway's oil and gas.
Taxes on the windfall profits of oil and gas companies have been common in Europe to help people cope with soaring energy bills, now exacerbated by the war. Spain and Italy both approved them, while the United Kingdom's government plans to introduce one. Morawiecki is asking Norway to go further by sending oil and profits to other nations.
Norwegian energy giant Equinor, which is majority owned by the state, earned four times more in the first quarter compared with the same period last year. European countries, meanwhile, have helped inflate Norwegian energy prices by scrambling to diversify their supply away from Russia. They have been accused of helping fund the war by continuing to pay for Russian fossil fuels.
Europe is pleading with Norway, along with countries like Qatar and Algeria, for help with the shortfall. Norway delivers 20% to 25% of Europe’s natural gas, vs. Russia's 40% before the war.
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