Equinor (EQNR) is set to hold talks with major European energy consumers to gauge interest in supporting new projects to recover higher-cost oil and gas reserves, Bloomberg reported on Wednesday, citing industry sources.
The Norwegian energy giant plans to sound out customers, including Germany, regarding the long-term financial commitments necessary to greenlight these developments.
Government officials from Germany, the UK, Belgium, Poland, and the Netherlands are expected to attend a meeting in Oslo on May 18, hosted by gas pipeline operator Gassco, the report said.
The discussions come as global energy markets remain volatile due to the ongoing Middle East conflict. Equinor is seeking ways to stabilize output as North Sea production is projected to decline over the next decade.
Equinor did not immediately respond to' request for comment.
Equinor's strategy includes a long-term goal to increase drilling in the Arctic, as Norway lobbies the European Union to soften its opposition to exploration in the region.
The energy firm is among several firms that have drilled for decades in Norway's ice-free waters north of the Arctic Circle.
The move to tap costlier wells comes as Norway has emerged as Germany's main supplier of natural gas, accounting for about half of total imports after replacing most of the cheaper pipeline deliveries from Russia, which ended in 2022.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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