Consumers should brace for years of high energy prices, heads of top oil and gas companies said, in what would pile pressure on governments struggling with spiralling inflation.
, Europe's second-largest pipeline gas supplier after Russia's Gazprom , posted record quarterly profits on Wednesday.
Its Chief Executive Anders Opedal said he expected the European gas market to remain tight, with demand to remain strong this year as below-normal storage needed replenishing. "We expect a tight gas market going forward and we expect volatility in power price development," Opedal told a news conference.
Europe's top energy companies plan to shift their businesses away from fossil fuels to low-carbon energy and renewables and have slowed down investments in new oil and gas projects in recent years, partly contributing to current supply shortages. Equinor expects its total oil and gas production to increase by 2% in 2022. BP's production is expected to remain flat this year compared to 2021.Reporting by Ron Bousso Editing by Bernadette BaumSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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