The price of gas in Europe will remain high for years to come following the cuts in deliveries from Russia, the chief executive of Norway’s Equinor said.

The company, which has this year overtaken Russia’s Gazprom as the biggest supplier of gas to Europe, early on Friday posted record third-quarter profits thanks to the spike in energy costs.

“The fundamental problem in Europe is a shortage of gas and there will be a shortage over time, and if Europe is to attract that gas it should expect to pay a high price in the coming years,” Chief Executive Anders Opedal told a news conference.

Our contribution will be to produce as much as possible and our gas will remain valuable in the years ahead,” he said.
Source: Reuters (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)