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Landing|MonJan18,20161:12pmGMT

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Related:BUSINESS,NORWAY

Statoil expects higher gas demand in UK, Germany in

2016
OSLO|BYNERIJUSADOMAITIS

PHOTOS

Photosoftheweek
Ourtopphotosfromthepastweek.

TheheadquartersofNorwegianenergyfirmStatoilisseenoutsideOslo,NorwayJuly25,2014.
REUTERS/HEIKOJUNGE/NTBSCANPIX

DemandfornaturalgasisexpectedtogrowfurtherinEuropethisyear,particularlyin
BritainandGermany,theheadofmarketingforNorwegianoilandgasfirmStatoil
(STL.OL)said,ascountriesseektoreducecarbonemissions.
EuropeangasindustryassociationEurogassaidlastOctoberitexpectedEuropeanUnion
gasdemandtohaverisenby7percentforthewholeof2015,aftera9percentriseinthe
firstsixmonths.

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Europeanspotgaspricesfellby30percentlastyearduetomoresupplyandtheirprice
linktooil,whichhasfallenaround70percentsincemid2014.
Statoil'sTorMartinAnfinnsensaidincreaseddemandonthecontinentwouldsupportthe
gasmarket.
"WhatyouseeintheUKnowisacleartrendthereatleastforaswingup,"Anfinnsentold
Reutersinaninterview.
"Similarly,althoughnottothesameextent,webelieve,basedonthegovernmentsignals
inGermany,thatthereisapotentialforaswingupthereaswellintheirstrivetowards
reachingtheemissionlevels."
Germanyhassetagoalofcuttinggreenhousegasemissionsby40percentby2020
comparedwith1990levels,andby8095percentby2050.Gaspoweredelectricityplants
emitabout50percentthancoal.

France'splanstoreducerelianceonnuclearenergycouldalsomeanmoredemandfor
gasinadditiontoahighershareofrenewables,Anfinnsensaid.
Despiteincreaseddemand,AnfinnsensaidStatoilexpecteditsgassalestobesteadyin
2016comparedwithlastyear.
"Weareroughlyontheplateaulevel.Thisyearwillnotbesignificantlydifferentfromthe
lastyear,"hesaid.
Europe'stopgassuppliersRussiaandNorwaybothreportedhigherpipelinegasexports
lastyear,butthemarketisbracedforimportsofliquefiednaturalgas(LNG)fromthe
UnitedStates,whichcouldaddpressuretopricesandsales.

RECOMMENDEDVIDEO

"Itislikelythat(U.S.)LNGvolumescouldprimarilybeheadingtoEurope,"Anfinnsensaid.
ThefirstLNGcargofromCheniereEnergy's(LNG.A)landmarkSabinePassterminalin
Louisiana,however,willbedelayeduntillaterFebruaryorMarch,itssubsidiarysaidlast
week.
Norwegianexportspeakedatarecord108.4billioncubicmetres(bcm)"aresultofhigher
demandfromEurope",theNorwegianPetroleumDepartmentsaidlastweek.

China'sAIIBtorivalWorldBank?

INDEXATIONMOVE
Statoil,whichmarketsabout80percentofgastoEuropeatpriceslinkedtospotpriceson
theEuropeangashubs,suchasBritishNBPandDutchTTF,alsoplanstomoveaway
fromoilindexationcompletely.
"Webelievethatwewillbemovingclosertowardsthe100percentmarkthroughthisyear,"
ThedividedworlddebateatDavos

Anfinnsensaid.
Statoilhascomeunderpressuretomoveawayfromindexationasbuyerswantapricing
systemthatbetterreflectsthemarketandthehigheravailabilityofLNGimports.
LowgasandoilpricesweighedonStatoil'sresultsinthethirdquarter,whenthecompany
postedlessthanexpectedoperatingprofitandfurthercutcapitalspending.
OnMondayoilpriceshitthelowestlevelsince2003asthemarketbracedforadditional
Iranianexportsaftersanctionsagainstthecountrywereliftedovertheweekend.[O/R]
"Themoresupplyyouaddtothemix,allthingsequal,thelowerpriceswillgoandfor
longer,"Statoil'sTorMartinAnfinnsentoldReuters.
AskedwhetherhewasworriedaboutnewoilsuppliescomingfromIran,Anfinnsensaid:
"AsatraderIdon'thavetobe,asaproducer,ofcourse,Iam."
($1=8.7748Norwegiancrowns)
(AdditionalreportingbyStineJacobseneditingbySusanThomas)

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