Norway reopens old gas fields for Europe’s supply squeeze

Europe is digging into old supply: Norway is set to revive three long-dormant North Sea gas fields — Albuskjell, Vest Ekofisk, and Tommeliten Gamma fields — as Europe continues to diversify away from Russian and Middle Eastern supply. The fields are expected to resume production in 2028 — nearly 40 years after they last pumped gas. The revived supply will mostly target Europe’s core industrial buyers. Gas will be exported to Germany, while a smaller condensate stream will move to the UK.

Its supply cushion is thinner: Europe’s gas strategy is still carrying the shock of replacingRussian pipeline flows, with LNG doing much of the backfilling since 2022. That has left the bloc more exposed to global cargo competition, chokepoint risk, and storage pressure. EU gas storage stood at around 31% in late April — its lowest since 2022 — and the bloc will need a 13% increase in LNG imports to meet its 90% winter storage target.

Norway’s geopolitical leverage is growing: Oslo is now western Europe’s largest petroleum producer — taking Russia’s place as the main gas supplier for several European countries. That shift has boosted the country’s leverage with Brussels, including in disputes over its right to keep drilling in the Arctic, even as the EU tries to balance climate targets and energy-security priorities.