“Essentially, we are operating at full capacity. I don’t think there is much room to increase production. We hope this situation will not last long,” he said.
The shutdown of the world’s largest LNG export terminal in Qatar after an Iranian drone attack triggered a surge in gas prices in Europe.
On March 3, prices rose to twice the level seen on Feb. 27 — the day before the U.S. and Israel launched their operation in Iran — and currently remain 50–80% higher than that level.
At the same time, European countries are actively trying to replenish depleted gas reserves, adding further pressure on the market.
“We do not want prices to rise in this way when events like this occur,” Aasland said. “We need to focus on the role we will play. We must be a stable, long-term and predictable supplier — and ensure we can maintain that position.”
Norway has become the main supplier of natural gas to European countries after the EU decided to reduce supplies from Russia and now covers about one-third of demand.
The minister noted that developments in the Middle East could prompt European leaders to reconsider the plan to phase out Russian fuel.
“They are absolutely clear about their desire to free themselves from Russian oil and gas. But given the current geopolitical situation, it is obvious that this discussion, I believe, will resume,” Aasland said.
Average gas storage levels in Europe stood at about 30% at the beginning of March, compared with an average of 54% for this period over the past three years.
Earlier reports said the state-owned company QatarEnergy had suspended LNG and related production at its complexes in Ras Laffan and Mesaieed, the largest in the Persian Gulf region.