TotalEnergies Eyes New Exploration Projects in Norway Amid European Energy Shift

French oil major TotalEnergies is set to increase its presence in Norway's energy market, appointing a new exploration manager in Stavanger to oversee new projects.

TotalEnergies CEO Patrick Pouyanne said the Norwegian continental shelf has 'potential for the future' and that the company sees it as a natural energy supplier for Europe.

Pouyanne attributed this assessment to disruptions in Middle Eastern energy supplies due to the US-Israeli war with Iran, which have made European countries seek resources closer to home. Following Russia's 2022 invasion of Ukraine, Norway became Europe's largest supplier of natural gas, meeting around 30% of the EU and Britain's gas demand.

TotalEnergies currently produces 220,000 barrels of oil equivalent per day in Norway, making it the country's fourth-largest producer after excluding state-owned Petoro. The company holds the largest regasification capacity in Europe for importing liquefied natural gas and is the largest purchaser of US LNG.