Who is the new Gazprom of Europe, that provides 30% of all the natural gas?

A large Norwegian company has become Europe’s primary supplier of natural gas. This company has managed to cover approximately 30% of the European Union’s needs, effectively replacing the Russian Gazprom, according to Fortune magazine.

Equinor has taken over the crown held by Gazprom until two years ago. According to Bloomberg, cited by RBC-Ukraine, the Norwegian company Equinor has succeeded in almost completely replacing Gazprom in supplying gas to Europe.

Following Russia’s invasion of Ukraine, energy prices skyrocketed, but now the Norwegian oil and gas giant, Equinor, has managed to “take the crown” that once belonged to the Russian Gazprom.

Thus, Norway has now become the supplier of 30% of the EU’s gas needs. Before the invasion of Ukraine, Gazprom supplied approximately 35% of Europe’s gas.

Of the total of over 109 billion cubic meters of natural gas supplied by Norway to Europe last year, approximately two-thirds were sold by Equinor.

Following Russia’s invasion of Ukraine, European countries began searching for a replacement for Russian gas, although not all have completely abandoned Gazprom’s services. (Notable exceptions include Austria, Hungary, and Slovakia). At the same time, pipeline gas deliveries have experienced a significant decline.

In these circumstances, Gazprom has suffered record losses in the past 25 years. The company reported a net loss of 629 billion rubles ($6.9 billion) in 2023, marking its first annual loss in over 20 years, amid declining natural gas trade with Europe.

In comparison, Equinor reported a net profit of $10.4 billion last year.