The Oil Gusher: How to solve Europe’s Energy Trilemma? Norway provides most of the answers

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The Oil Gusher: How to solve Europe’s Energy Trilemma? Norway provides most of the answers

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The Oil Gusher

How to solve Europe’s Energy Trilemma?

Norway provides most of the answers

Industry Overview

Key takeaways 22 May 2026

Equity• Europe's answer to energy security: >25% of natural gas consumption + more storage

Pan-Euro

injections driving demand +18bcm this year Oils

• Europe's answer to energy transition #1: Carbon storage operational today with

Northern Lights capacity x4 by 2030 Christopher Kuplent >> Research Analyst

MLI (UK)• Europe's answer to energy transition #2: c100% cars sold are EVs today - representing +44 20 7995 8222

>30% of all cars on the road in Norway christopher.kuplent@bofa.com

Matthew Smith >>

Research Analyst

MLI (UK)Norway: Europe’s answer to the Energy Trilemma? +44 20 7996 7109

Our BofA field trip to Norway this week magnified the country’s crucial role in answering matt.smith1@bofa.com

Europe’s Energy Trilemma: (1) Secure? Norway has emerged as Europe’s largest single Cian Evans-Cowie >>

source of gas supply since Russia’s invasion of Ukraine in 2022 – accounting for >25% ResearchMLI (UK) Analyst

of Europe’s overall gas consumption. (2) Affordable? Norway’s piped exports to Europe +44 20 7995 0940

cian.evans-cowie@bofa.com

help cut dependence on competition with Asian consumers looking for seaborne oil &

LNG alternatives to what is currently stuck behind the Strait of Hormuz – at the very

least alleviating upside price pressure. (3) Clean? Norway ranks #1 in Europe in terms of

Exhibit 1: Norway E&P ratings and POsEV penetration as well as offering commercial carbon storage – with Northern Lights PO changes (NOK)

now expanding its footprint x4 without any direct government funding.

Rating PO Prior PO Price