Pipeline Gas Loses Market Share as LNG Surges
Norway’s Equinor and Russia’s Gazprom, Europe’s largest suppliers of pipeline gas, have lost market share as a result of the LNG import surge that has occurred over the past 10 months.
LNG imports to Europe have benefitted from weak demand in Asia, which has led to European gas prices dropping to 10-year lows, LNG imports tripling and filled storage reaching multi-year highs, LNG Industry website reported.
In terms of market share, gas supplied to western and central Europe in the form of LNG reportedly increased to 14% in the period October 2018 to August 2019, from 5% in 2017–2018.
In the same period (2018–2019), Norwegian gas dropped from 38% to 33% (a multi-year low), and Gazprom’s share dropped from 33% to 32%.
LNG from the United States into northwest Europe accounted for 2% of total gas supply into the region, contributing to the strong increase in LNG in Europe.
The gas transit agreement between Russia and Ukraine is due to expire at the end of this year. The lack of progress in talks has spurred Europe to stockpile gas to prevent possible supply disruption in winter.
source: Financial Tribune
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