Belgium, (Brussels Morning Newspaper) Norwegian energy company Equinor posted record-high Q3 profits on Friday as gas prices in Europe continue to set new records.
Equinor posted earnings before taxes of USD 24.3 billion in Q3, up from 9.77 billion in the corresponding period last year and nearly one billion higher than analysts expected, according to Reuters reporting on Friday.
Equinor’s net profit in Q3 stood at USD 6.72 billion, while its larger counterparts Shell and TotalEnergies posted profits of more than 9 billion each.
Equinor CEO Anders Opedal pointed out “high production combined with continued high price levels resulted in very strong financial results.”
This year, the company overtook its Russian counterpart Gazprom as Europe’s largest natural gas supplier.
Opedal stressed that Equinor is offering long-term contracts “to make sure we can have commercial deals that can keep prices more stable.”
He predicted that natural gas prices in Europe will remain high in the coming years. “The fundamental problem in Europe is a shortage of gas and there will be a shortage over time, and if Europe is to attract gas it should expect to pay a high price in the coming years,” he warned.
“Our contribution will be to produce as much as possible and our gas will remain valuable in the years ahead,” Opedal concluded.
EC visit to Norway
On Thursday, European Commissioner for Energy Kadri Simson noted that she informed Norway about the EU’s planned measures aimed at reining in energy prices, which include a gas price cap.
“We have to find solutions that help us to calm down the gas market in a way that our consumers and businesses can continue operating and not lose their level playing field against other global market regions,” she stated.
Speaking after her meeting with Terje Aasland, Norwegian Minister of Petroleum and Energy, Simson noted that the EU has not agreed on the proposed cap and added that the bloc’s energy ministers will discuss the proposal in November.
She reminded that the European Commission is planning to launch a platform for joint purchases of natural gas as part of its efforts to stabilise prices.
