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The giant Ormen Lange (Norway) offshore gas field could be closed

This possibility depends on a pay deal with Norwegian’s workers union.

14.Jun.16 3:03 AM
By Vladimir Vasiliev


The giant Ormen Lange (Norway) offshore gas field could be closed

The possibility already raised natural gas prices in the UK. Thursday morning price reached 34.95 pence/therm. Within-day was seen trading at 34.95 pence/therm. Thursday morning, with day-ahead dealt at 34.20 p/th compared to the day-ahead assessment of 33.60 p/th Wednesday.

Demand forecast now 177 million cu m., but physical flow 158 cu m. or more than 10% behind.

According to Norwegian gas operator Gassco, gas flows are lower day on day. UK indigenous production is about 92 million cu m per day. LNG terminal fell back to 15 million cu m/d and that is quarter less than the previous day and no cargos are due to UK in the short term.

No wonder that in this situation prices are almost inevitably raising. 

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