Norway's Equinor responding to 'weaponization' of energy

© Ole Jorgen Bratland/Equinor Equinor's Hammerfest LNG facility. The Norwegian energy company said gas production last year surpassed 2021 levels, providing a layer of energy security for Europe. Photo courtesy Ole Jorgen Bratland/Equinor

March 23 (UPI) -- With natural gas production on the rise, Norwegian energy company Equinor said it has the responsibility to ensure adequate supplies to a European economy fighting Russia's "weaponization" of energy.

Equinor on Thursday published an annual review of operations during 2022. Anders Opedal, the president and CEO at Equinor, said through the year, the corporate focus was on reliability.

"The invasion of Ukraine and Russia's weaponization of energy brought further instability to already tight markets, and across the organization we have felt the responsibility that comes with being the single largest supplier of gas to Europe," he said.

The Norwegian Petroleum Directorate, the nation's energy regulator, reported that crude oil production averaged 1.77 million barrels per day and gas production was 12 billion cubic feet per day.

Both levels were lower than the government expected, and production is nowhere near levels from the United States, though Norway's proximity to the European economy highlights its importance as a supplier.

Equinor, meanwhile, added that gas production on the Norwegian continental shelf increased by 8% relative to 2021 levels, an increase that came just as the European economy was breaking away from Russia supplies in an effort to rob the Kremlin of the revenue it needs to keep fighting the war.

Elsewhere, the company noted that the resumption of operations from the Hammerfest liquefied natural gas project, idled by a fire in October 2021, and oil from the giant Johan Sverdrup field are among the projects that "are expected to contribute value volumes going forward."

The company started off the new year with a series of announcements on new discoveries. Equinor reported adjusted net earnings of $74.9 billion last year, boosting by higher oil and gas prices relative to 2021 levels.